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Mazda expands dealer network with purchase
By Jin Jing |
May 1, 2009, Friday
|
Print Edition
Print Edition
JAPAN'S Mazda Motor Corp has agreed to spend 49.5 million yuan (US$7.2 million) to increase its stake in a sales company in China to expand its dealer network and boost sales.
The deal allowed Japan's third-largest car maker to increase its share in FAW-Mazda Motor Sales Corp to 40 percent from 25 percent, the car maker said in a statement yesterday.
Mazda's Chinese partner FAW Group Corp and its subsidiary FAW Car Co will own the other 60 percent.
Industry analysts said an increased stake in the sales unit will help Mazda become more profitable as the car maker gears up expansion in China to offset slowing sales elsewhere due to the global recession.
Mazda sold a company record of 37,217 units in the first quarter, an increase of 22 percent from a year earlier, fueled by government stimulus measures for small car purchases and more dealerships, Noriaki Yamada, president and chief operating officer of Mazda Motor (China) Co, said earlier.
Mazda had 125 dealerships in China at the end of March. The figure is expected to reach 140 by year end.
Mazda also has a three-party venture with Chang'an Automobile Co and Ford Motor Co in China, producing Mazda 3 sedans and Mazda 2 compact cars.
The deal allowed Japan's third-largest car maker to increase its share in FAW-Mazda Motor Sales Corp to 40 percent from 25 percent, the car maker said in a statement yesterday.
Mazda's Chinese partner FAW Group Corp and its subsidiary FAW Car Co will own the other 60 percent.
Industry analysts said an increased stake in the sales unit will help Mazda become more profitable as the car maker gears up expansion in China to offset slowing sales elsewhere due to the global recession.
Mazda sold a company record of 37,217 units in the first quarter, an increase of 22 percent from a year earlier, fueled by government stimulus measures for small car purchases and more dealerships, Noriaki Yamada, president and chief operating officer of Mazda Motor (China) Co, said earlier.
Mazda had 125 dealerships in China at the end of March. The figure is expected to reach 140 by year end.
Mazda also has a three-party venture with Chang'an Automobile Co and Ford Motor Co in China, producing Mazda 3 sedans and Mazda 2 compact cars.
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