and announce they have received approval from the Chinese government to restructure their Changan Ford Mazda Automobile joint venture.
Effective immediately, CFMA will be restructured into two separate JVs: ChanganAutomobile, a 50/50 partnership between Changan and Ford; and Changan Automobile, a 50/50 venture between Changan and Mazda.
Changan Ford will assume all of CFMA’s Ford-related business, including development, manufacturing, marketing and sales of Ford-branded vehicles in China, while Changan Mazda will assume all Mazda-related business.
The auto makers say the move is part of an effort to optimize operations to better meet the needs of Chinese consumers.
The partnership between Ford and Mazda will continue at a strategic level in areas that are mutually beneficial, the auto makers say.