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Mazda to raise $1.1B
Mazda to raise $1.1B to contend with hybrid leaders
Posted Tuesday, Oct 6, 2009, 11:41 am in Employee News
Japan’s Mazda Motor Corp. said it would raise up to $1.1 billion in a share sale and invest most of the funds to develop hybrid and other technologies in what analysts said was a long-overdue bid to close the gap with rivals, Reuters reported.
Mazda has been seen as a laggard in next-generation car technologies, especially after its ties with Ford Motor Co. weakened when the cash-strapped U.S. automaker reduced its controlling one-third stake in Mazda to 13.8 percent last year, the report said. Despite the change, Ford remains Mazda’s largest single shareholder, but its stake will be diluted to about 11 percent, Reuters said.
Mazda has pledged it will improve its cars’ fuel economies by 30 percent mainly by improving its internal combustion engines by 2015, the report said. It plans to gradually add electric components such as a hybrid system beyond that to meet stricter regulations, the story said. (Reuters)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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