HIROSHIMA, Japan — Mazda Motor plans to sell nearly $1.1 billion in stock to raise funds to develop green technologies, including hybrid vehicles.
The share sale will reduce Ford Motor Company's stake in the company to around 11 percent. Mazda sells a version of the Ford Escape Hybrid as the Mazda Tribute Hybrid.
Mazda also is developing advanced technologies on its own, as showcased in such prototypes as the Mazda Premacy Hydrogen RE Hybrid. The automaker reportedly will display an updated version of the Premacy Hydrogen RE Hybrid at the upcoming 2009 Tokyo Auto Show.
Mazda said it plans to spend $3.3 billion over the next three years on research and development, with nearly $700 million earmarked for development of green technologies.
Inside Line says: A hydrogen-powered hybrid may not be the optimal solution, but Mazda over the years has demonstrated a knack for novel approaches to thorny technical issues. — Paul Lienert, Correspondent
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