Mazda is denying that FoMoCo has come to a decision to sell its stake in the automaker after reports made by Japanese media. Without citing in source, reports hit the web today that Ford is considering selling its one-third stake in Mazda.
“Nothing has been decided,” Mazda said in a statement to the Associated Press. “Any important decision will be disclosed.” Ford on the other hand commented saying: “We do not want to comment on speculation.” it said that its current relationship with Mazda has not changed
Ford, who has burned about $11 billion in cash in the past year, is struggling to increase its stockpile. The company reported a second-quarter loss of $8.7 billion, its worst ever.
Ford currently holds 33.4 percent stake in Mazda – a controlling share in Japan.
Source: Detroit News