Mazda Motor Corp. and Ford Motor Co. have dissolved their 36-year capital alliance but will continue to cooperate in production of some vehicles, sources close to the matter said Saturday.
Ford sold the remainder of its stake, 2.1 percent, in the Japanese carmaker between April and September, the sources said. The U.S. automaker had been gradually unloading its shares since the global financial crisis in 2008 and subsequent global economic slowdown.
But the companies will continue to cooperate in producing pickup trucks at a joint venture in Thailand, as well as contract production in Taiwan and South Africa, the sources said.
"We'll maintain our tie-ups in areas where we both have benefits," Mazda said in a statement.
Ford began investing in Mazda in 1979 when the Japanese automaker was suffering a slump amid the oil shock. Ford raised its stake to 33.4 percent in 1996, sending a president and other executives to Mazda.