HIROSHIMA, Japan—Mazda Motor Corporation announced today that the restructuring plan of Changan Ford Mazda Automobile Co., Ltd. (CFMA) has obtained final approval from the Chinese government. CFMA is a joint venture between Mazda, Changan Automobile Co., Ltd. (Changan) and Ford Motor Company. Effective immediately, CFMA will be restructured into two separate joint ventures, Changan Mazda Automobile Co., Ltd. (Changan Mazda) and Changan Ford Automobile Co., Ltd.
Changan Mazda, a 50:50 joint venture between Changan and Mazda, has been incorporated in Nanjing and will assume all of CFMA's Mazda-related business, including development, manufacturing, marketing and sales of Mazda-branded vehicles in China.
Takashi Yamanouchi, Mazda's representative director, chairman of the board, president and CEO, said, "We are very pleased to receive official approval to restructure CFMA and to inaugurate a new joint venture, Changan Mazda. In attaining approval for our restructuring plan, we received a great deal of support from the government and various related parties, and I would like to extend our sincere appreciation to all concerned. Implementation of this restructuring will further strengthen the business foundation of each company and enable us to accelerate our expansion in the rapidly-growing Chinese market. The new company will establish a research and development center with the aim to provide high-quality products that fulfill the needs of Chinese customers. Also, we are advancing our plan to produce the CX-5, which is equipped with SKYACTIV technology and offers both driving pleasure and outstanding environmental and safety performance, at the Nanjing plant. We are committed to contribute to the growth of the Chinese automotive industry in any way we can.
As part of a continuous effort to identify every opportunity to optimize joint venture operations and better meet the growing needs of Chinese customers, Mazda, together with its partners, Changan and Ford, previously submitted a restructuring plan to relevant local and central government authorities. The three parties have reached a consensus that, after the restructuring is complete, the successful partnership forged over the years will continue at a strategic level, in areas of benefit to all parties.