Mazda Motor Corp has increased its holding in its joint venture Chinese sales company FAW Mazda Motor Sales Co Ltd from 25% to 40% for US$7.26m.
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The Japanese automaker has upped its stake through a third-party allocation of new shares by the venture.
The joint venture is a partnership with China’s FAW Group Corp. Mazda has been attempting to increase its stake for sometime, but has been waiting on government approval.
Mazda said the venture would have more than 140 dealerships in China by the end of this year, up from 125 in March.
Sales of Mazda vehicles in China rose 22% in the first three months of this year.
Some 37,217 vehicles were sold, a record for the period, leading the carmaker to forecast a 33% year on year jump to 170,000 vehicles this year.
Mazda reported March sales up 18% to 14,239 vehicles, driven by sales of the locally-assembled 6 sedan. The Chinese market grew overall by 10.3% in March.
