Japanese automaker Mazda said it was launching a US$12m sales and distribution venture in China with First Auto Works Group. Mazda, which is one-third owned by the Ford Motor Co, said it would invest US$3m in the project taking a 25% stake while First Auto Works and its subsidiary FAW Car Co. will take a 75% stake. The new venture, FAW Mazda Motor Sales Co., is expected to start operations in March based in the northeastern city of Changchun and establishing the first network of Mazda dealerships in China. Mazda has set itself a target of tripling its China sales within five years.
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