Ford restructuring sheds Mazda

Last week Ford announced that its plan to restructure its three-way joint venture Chang'an Ford Mazda Automobile Co was recently approved by the National Development and Reform Commission.

According to the plan, the current joint venture - held 35 percent by Ford, 15 percent by Mazda and 50 percent by Chang'an Automobile Group - will split with each foreign carmakers forming a new 50-50 joint ventures with Chang'an separately.

Media reports said that the new joint venture between Ford and Chang'an will keep the Chongqing plants of the former tie-up and the existing facilities in Nanjing will be left to Chang'an Mazda.