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Mazda Motor Will Raise $1.1 Billion For Building Hybrid Cars
By Irina Waqar for CEOWORLD Magazine Updated:October 5, 2009
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Mazda Motor Corp. ( PINK:MZDAF) will raise as much as 96 billion yen ($1.1 billion) selling new and existing shares to fund a build in hybrid cars.
The automaker will issue 460 million shares from Oct. 14 to Oct. 20, raising as much as 95.9 billion yen ($1.1 billion) for research and development into green cars and safety features.
The planned share issue would reduce Ford’s voting rights in Mazda to 11.03% from the current 14.91%. Last year, Ford got rid of part of more than a third of its stake in Mazda as part of its restructuring plans.
Mazda posted a net loss of ¥71.49 billion in the previous fiscal year ended March 2009.
Mazda raised its global vehicle sales projection to 1.16 million vehicles for this fiscal year from its previously estimated 1.10 million thanks partly to the U.S. cash-for-clunkers program and tax breaks and subsidies provided in Japan.
Mazda said it will return to profitability earlier than it had expected, by the July-September period. Initially, it had expected to stay in the red until the second half of the fiscal year, which runs from October to March.
Like other Japanese automakers, Mazda has been battered by the global slump.
Its bigger Japanese rivals such as Toyota Motor Corp. and Nissan Motor Co. have all sunk into the red.
In Monday’s revisions, Mazda said it expects 2.13 trillion yen ($23.7 billion) in sales for the fiscal year through March 2010. It had previously expected 2.030 trillion yen ($22.6 billion) in sales.
For the last fiscal year, Mazda posted a 71.5 billion yen loss on 2.536 trillion yen in sales.
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