Thursday, October 30, 2008

Mazda CEO sees no change in relationship with Ford

TOKYO : October 30, 2008 - The head of Mazda said on Thursday he did not expect any change in the Japanese automaker's relationship with Ford Motor, amid reports that the struggling U.S. automaker would sell part of its controlling stake.

"We've had a relationship with Ford since the 1970s," CEO Hisazaku Imaki told a news conference.

"Our ties are so close that you can't tell how much of the company is Mazda and how much of it is Ford. We don't expect that there will be any change in this relationship."

Shares in Mazda have been the worst performer of any Japanese automaker in the past month, punished for the company's vulnerability to a stronger yen since it ships most of its cars sold abroad from Japan. The share price has fallen more than 50 percent in the past month, compared with a 28 percent drop in Tokyo's transport sector subindex.

[Source : Reuters via Automotive News .. Sub. Req.]


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