Mazda Motor reportedly won't seek a new alliance with another auto manufacturer following Ford Motor's (F) recent decision to reduce its stake in the Japanese automaker.
Mazda President Takashi Yamanouchi (pictured) said Monday his company has no intention of forming a capital alliance with any other auto company, following Ford's decision last month to scale back its investment in Mazda to 3.5% from 11%, Dow Jones Newswires reported.
The Dearborn, Mich.-based company plans to sell 7.5% of its holdings in Mazda to several Mazda business partners.
Speaking at a press conference in Tokyo, Yamanouchi said Mazda will continue its strategic alliance with Ford even after the share sale, the news agency reported. "I would like to draw your attention to the fact that Ford is holding on to its 3.5% stake" in Mazda, Yamanouchi said.