Ford sells its stake in Mazda
- Ford sells to get much-needed cash
- Mazda and its suppliers buy the shares
- The companies will still work together
Cash-strapped car maker Ford has raised around $540 million (£361 million) by selling most of its stake in Mazda.
Ford posted losses of $129 million (£81.8 million) for the past three months and it is reported to have enough cash to survive only the next seven months if it continues to spend at its current levels.
As a result, Ford will cut its holding in Mazda from 33.4% to just over 13%. It is selling the shares back to Mazda and a group of the Japanese company's strategic business partners.
However, Ford will keep a seat on the manufacturer’s board of directors.
The two companies will also continue to share engine and chassis technology.
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