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Tuesday April 4, 2006
TOKYO (AP) - Mazda Motor Corp. said Tuesday that it has taken a 15 percent stake in a Chinese automobile joint venture set up by Ford Motor Co. and Changan Automotive Group to strengthen its tie-up with the two automakers in the growing Chinese auto market.
Mazda, which is 33.4-percent owned by Ford, bought the 15 percent stake from the U.S. parent for an undisclosed price, a Mazda spokesman said.
The purchase follows the three automakers' collaboration in producing the Japanese carmaker's Mazda 3 compact model at the joint venture in China.
Following Mazda's purchase of the stake, the venture that used to be called Changan Ford Automobile Co. will be renamed Changan Ford Mazda Automobile Corp., the Mazda spokesman said.
The three automakers said last year that they would jointly produce engines in Nanjing, a city in southeast China's Jiangsu province.
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