Latest News :2009.05.05

May. 4, 2009 (China Knowledge) - Japanese automobile maker Mazada Motor Corp said on Thursday it has raised its shareholding in its Chinese sales company FAW-Mazada Motor Sales Corp to 40% from 25%, in a bid to expand vehicles sales and its dealer network.
Mazada said in a statement that it has spent RMB 49.5 million for the share purchase and its investment increased the joint venture's registered capital to RMB 125 million from RMB 100 million.
After the transaction, the remaining 60% stake in the sales company will go to China's FAW Group Corp and FAW Car Co Ltd<000800>, Mazada's Chinese partners.
Mazada hit record monthly sales of 37,217 units in the first quarter of 2009 in China, representing an increase of 22% from a year ago, boosted by the government's stimulus measures. It aims to sell 170,000 units in the country this year, said the company.