China approves Ford, Mazda, Changan to split JV in two-Ford CEO

CHONGQING, China Sun Aug 26, 2012 11:30pm EDT

CHONGQING, China Aug 27 (Reuters) - China has approved a move by Ford Motor Co, Mazda Motor Corp and Chongqing Changan to split their existing joint venture into two separate entities, Ford's CEO said on Monday.

"We're very pleased with the restructuring and the way it's going. We have approval from the NDRC and we're proceeding through the regulatory process, so we're very, very appreciative and encouraged," Chief Executive Alan Mulally told reporters in the southwestern Chinese city of Chongqing.

The National Development and Reform Commission (NDRC) is China's top planning body.

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