Mazda joint venture partner, FAW Car, a listed subsidy of FAW Group, booked an 88% fall in 2011 net profit to only CNY217m due to slow sales and the high value of the Japanese yen.

The autiomaker builds its own Besturn brand cars and three Mazda models through a joint venture with the Japanese automaker.

According to China Daily, FAW said fierce competition and the end of government subsidies affected Besturn sales and prices last year. It added that appreciation of the Japanese yen increased the cost of imported components for the Mazda models it builds.