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Mazda has never really been a fan of hybrid technology. In fact, the only hybrid vehicle the company has ever offered to the market in the United States is the Mazda Tribute Hybrid, which is based on the Ford Escape Hybrid.

The Japanese automaker today said that it is looking to raise up to $1.1 billion in a share sale to invest more funds into developing hybrid and other fuel-saving technologies – a move that analysts say was a long-overdue bid to close the gap with Mazda’s rivals.

Ever since FoMoCo reduced its shares in Mazda to 13 percent last year, the Japanese automaker has been slow in catching up with next-generation fuel-saving technologies.

“With the relationship weaker, there are certain things that Mazda now needs to do on its own, without Ford,” said Okasan Securities auto analyst Yasuaki Iwamoto.

Mazda said that it will raise up to 95.9 billion yen ($1.1 billion) by issuing 315.12 million new shares and selling 96.8 million treasury shares.

- By: Omar Rana

Source: Reuters

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