TOKYO -- Mazda Motor is merging its Chinese sales arms into one, to concentrate its resources and cut costs as the Chinese electric-vehicle market becomes more competitive and the Japanese carmaker's sales struggle to keep up with Chinese and American rivals including Chinese EV giant BYD and Tesla of the U.S.
Changan Mazda, a joint venture between Mazda and China's Changan Automobile, will acquire 100% of FAW Mazda, which is jointly owned by the Japanese maker and China FAW Group. Changan Mazda already owned the majority of FAW Mazda in 2021, and will buy the rest of the shares later.
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