Mazda Motor chief executive Takashi Yamanouchi said on Thursday he wanted a joint venture in China in which the automaker held the maximum 50% allowed instead of the 15% it now owns in a three-way venture.

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Mazda has said it is awaiting regulatory approval to restructure its current joint venture with Ford and Chongqing Changan Automobile but had declined to provide further details.

“Ideally, we would have a joint venture with a 50% stake,” Yamanouchi told reporters in Tokyo. Sources had told Reuters in May that Ford and Mazda both wanted separate joint ventures with Changan, holding a 50% stake each.  

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