Mazda Motor Corp. will form a sales joint venture with FAW Mazda Motor Sales Co. which will be capitalised at 100 million yuan ($US12 million), according to Reuters, which said Mazda will own 25%, FAW Car Co. Ltd. (FCC), a unit of China’s largest auto maker First Automotive Works (FAW), will own 70% and FAW 5%.
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The news agency noted that the venture is the latest push by Mazda into China, and follows its announcement earlier this month that it, Ford and China’s Changan Automobile Co. have received government approval for a new assembly plant in Nanjing, near China’s richest city of Shanghai.
