Mazda boosts stake in FAW sales venture

Japanese carmaker Mazda Motor Corp said yesterday it raised its stake in a joint venture with China's FAW Group Corp to boost sales in the world's biggest vehicle market.

Mazda has spent 49.5 million yuan increasing its holding in the sales tie-up, FAW Mazda Motor Sales Co Ltd, from 25 percent to 40 percent, it said in a statement to China Daily.

FAW's share in the joint venture based in northeastern city of Changchun has decreased from 5 percent to 4 percent, and its stake in the group's Shenzhen-listed car unit, FAW Car Co Ltd, has declined from 70 percent to 56 percent.