The Japanese carmaker Mazda Motor has confirmed that troubled US carmaker Ford Motor will sell its 20% stake in the company.

Ford has a 33.4% stake in Mazda and the current move will decrease it to just over 13%.

Falling sales around the world has hit hard Ford and now the company is trying to raise cash along with its Detroit competitors.

After these reports about the possibility of the stake sale, shares in Mazda increased to 6.4% on Tuesday.

General Motors has already sold its 3% stake in Japanese carmaker company Suzuki. Read the rest of this entry