Mazda to set up Chinese subsidiary
Japan's fifth largest automaker, Mazda, announced that it would establish a subsidiary in
China as part of its strategy to increase sales three-fold by 2010.
In line with the company's aims to capitalize on the booming Chinese market, Mazda is accelerating the expansion of its
manufacturing unit and strengthening its sales network.
China, with its rising middle class and cheap labor, last year surpassed the US to become
Japan's largest
trading partner.
Mazda has set a goal of producing and selling 300'000 vehicles in
China by 2010. The company's sales rose 21% to 97'132 units in 2004, following a 248% jump in 2003.