Mazda Motor Corporation has purchased all shares of Mazda de Mexico Vehicle Operation (MMVO) from Sumitomo Corporation.
The carmaker said on Monday that it will complete all transfer formalities with Sumitomo by the end of FY 2021 ending March next year, after which, Mazda will be the sole owner of MMVO.
This joint venture between both companies began in 2011 with the understanding that Mazda would take over at the end of the tenth year of the partnership. MMVO has produced more than a million vehicles over the past nine years.
Mazda’s global output falls
In the first 10 months of 2020, Mazda’s domestic output in Japan declined by 31.1pc to 590,339 units compared to the same period last year. In October alone, its domestic production rose by 2.8pc to 85,095 units from the same month in 2019.
The carmaker’s overseas production dropped by 7.8pc to 353,025 units in January-October while its October overseas output increased by 8.3pc 42,593 units, both compared with the same timeframes in 2019. Mazda’s global production in the 10-month period dropped by 23.9pc to 943,364 units while its global output in October saw a 4.5 jump to 127,688 units.
The company’s domestic sales in January-October fell by 13.8pc to 151,240 units from the same period last year but rose by 13.5pc in October to 13,934 units from October 2019. Its exports also declined 34pc to 470,008 units in the 10-month period while in October, its exports rose by 7pc to 78,143 units.
Mazda’s global sales in the first 10 months of 2020 declined by 18.9pc to slightly over a million units from the same period last year and fell by 3pc to 111,397 units last month from October 2019.