On November 21st, China Changan Automobile announced that it plans to increase its production capacity with its partners Ford Motor Co. and Mazda Motor Co., Ltd. by increasing the capital of the joint venture Changan Ford Mazda Engine Co., Ltd. by 100 million yuan.
Currently, Changan, Ford and Mazda each hold 50%, 25% and 25% of the equity interest in Changan Ford Mazda Engine Co., Ltd. Changan Ford Mazda Engine Co., Ltd. has reached an agreement with all shareholders that each shareholder will increase capital by a total of 37.257 million US dollars in cash (approximately 238 million yuan in contracts) according to the proportion of shares held. Among them, Changan Automobile will increase its capital by US$18,628,500 (approximately RMB11,642,100). After this capital increase, Changan still holds a 50% stake in the engine company.
Changan Ford Mazda Engine Co., Ltd. currently produces a total of three series engines: BZ series, New I4 series and Sigma series engines. After the capital increase, a SKYACTIV-G series four-cylinder gasoline engine with Mazda Chuangchi Blue Sky Technology will be added. The product has three displacements of 1.5L, 2.0L and 2.5L, which are used in Changan J53, J36 and other series models.
Changan Ford Mazda Engine Co., Ltd. was established on September 26, 2005. It manufactures and sells engines. Changan Ford Mazda Engine Co., Ltd. achieved sales and sales of 178,000 sets of engines in 2011, with a sales revenue of 2.01 billion yuan and a net profit of -19.35 million yuan. From January to September 2012, the company achieved production and sales of 201,500 engines and sales revenue of 2.052 billion yuan. The net profit was 23.47 million yuan.
Changan Automobile stated that this capital increase was used to increase the registered capital of Changan Ford Mazda Engine Co., Ltd. to support its new product projects and business growth needs, which will further enhance the company's comprehensive competitiveness.
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