TOKYO: Ford is reducing its stake in Japanese automaker Mazda to 3.5 percent from 11 percent, giving up the position of top stakeholder it has held for 31 years. But both Mazda Motor Corp. and Ford Motor Co. said Thursday their partnership will continue in developing cars together and sharing technology. The stake being sold is worth about 31 billion yen ($372 million) based on Mazda's current share price. The announcement marks a critical shift in a longtime US-Japan auto alliance that saved a money-losing Mazda from near-bankruptcy. When Ford invested in Mazda in 1979 it was heralded as a symbol of a globalizing Japanese auto industry. Ford said it wants to expand in fast-growing emerging markets while remaining “committed to its strategic partnership with Mazda.” They will continue to cooperate in areas such as joint ventures and technology exchange, Ford said. The transaction will be completed Friday, it said. Mazda President and Chief Executive Takashi Yamanouchi also said the partnership remains intact, stressing areas where both sides could still benefit. Mazda and Ford share basic parts for autos called platforms, and have joint production plants in Asia and other regions. Yamanouchi has in the past denied that Mazda was thinking about tie-ups with other automakers. Mazda, whose models include the Miata roadster and RX-8 sportscar, is a relatively small player in the intensely competitive auto industry, producing 1.2 million vehicles a year. It is also unique in that it exports about 80 percent of the cars it produces in Japan and has been battered by the surging yen.
