Mazda and Sumitomo announce JV in Mexico

Japanese automaker Mazda Motor Corp. said it will invest US$500 million in a new joint venture plant in Salamanca City, Mexico. Mazda will own 70% in Mazda Motor Manufacturing de Mexico S.A. de C.V., while Sumitomo will own the remaining 30%. The plant, which is expected to become operational in fiscal year 2013-14, will have an annual production capacity of 140,000 units. Another JV with Sumitomo will be established to sell vehicles in Brazil. (June 17,2011)