Does Ford Own Mazda? The Complete History of a Complicated Relationship

Ever wondered about those Ford and Mazda badges that looked suspiciously similar on certain vehicles? You’re not imagining things. These two automotive giants share a complex history that spans decades. But does Ford actually own Mazda today? Let’s clear up the confusion and dive into the fascinating story behind these automotive powerhouses.

The Current Ford-Mazda Ownership Status

No, Ford does not currently own Mazda. As of 2024, Mazda operates as an independent automaker with a diverse ownership structure. The largest shareholders include:

• The Master Trust Bank of Japan (17.1%)
• Custody Bank of Japan (5.4%)
• Toyota Motor Corporation (5.1%)

The remaining shares are primarily held by institutional investors, with Mazda controlling about 67.5% of its own stock. This marks a significant departure from the decades when Ford maintained substantial ownership of the Japanese automaker.

How the Ford-Mazda Relationship Began (1974-1996)

The partnership between these automotive giants didn’t happen overnight. It all started during a challenging time for the global auto industry.

The Initial Investment

In 1974, Ford purchased a 24.5% stake in Mazda, which was struggling financially due to the oil crisis. This move benefited both companies:

• Mazda received much-needed capital to stay afloat
• Ford gained access to Mazda’s fuel-efficient vehicle designs and Asian market expertise

By 1996, Ford increased its ownership to 33.4%, effectively gaining controlling interest under Japanese corporate governance standards. This marked the beginning of a deep integration between the companies that would last for years.

The Golden Era of Collaboration

During this period, Ford and Mazda shared numerous platforms and technologies:

These collaborations helped both companies expand their global presence while sharing development costs. Ford’s manufacturing scale complemented Mazda’s engineering prowess, creating what seemed like a perfect automotive partnership.

The Decline of Ford’s Ownership (2008-2015)

All good things must come to an end, and the Ford-Mazda relationship was no exception.

Financial Crisis Forces Change

The 2008 global financial crisis hit the automotive industry particularly hard. Ford, facing serious liquidity concerns, made the difficult decision to reduce its stake in Mazda from 33.4% to 13% in November 2008. This sale generated approximately $540 million for Ford at a critical time when the company was trying to avoid bankruptcy without government bailouts.

By 2010, Ford had further reduced its ownership to just 3.5%, selling the remainder to Mazda’s business partners through the Tokyo Stock Exchange. The final chapter closed in 2015 when Ford divested its remaining shares in Mazda, ending a 41-year equity relationship.

Mazda’s Path to Independence

As Ford reduced its stake, Mazda took strategic steps to secure its independence:

• Repurchased 6.87% of its shares from Ford in 2008
• Retained these as treasury stock to stabilize its ownership structure
• Developed independent R&D initiatives like the SkyActiv platform
• Created the distinctive Kodo (“Soul of Motion”) design language

This transition period allowed Mazda to redefine itself as a premium mainstream brand rather than just another mass-market manufacturer.

The Impact of the Split on Both Companies

The end of Ford’s ownership in Mazda had significant consequences for both automakers.

How Mazda Changed

Post-Ford independence allowed Mazda to:

• Focus on its “zoom-zoom” driving dynamics and upscale positioning
• Develop signature vehicles like the MX-5 Miata without compromise
• Create innovative technologies like SkyActiv-X compression ignition engines
• Form new strategic partnerships, particularly with Toyota

These moves have helped Mazda carve out a distinct identity as a smaller but innovative player in the automotive space. Revenue grew from $28.56 billion in 2023 to $33.31 billion in 2024, showing the company’s resilience despite its relatively small size.

How Ford Changed

For Ford, the divestment from Mazda meant:

• Losing easy access to Mazda’s fuel-efficient platforms and engineering
• Decreasing presence in Asian markets, particularly Japan
• Focusing resources on its core brands and North American operations
• Developing its own small car architectures rather than using Mazda designs

The split ultimately allowed Ford to concentrate on its “One Ford” global strategy, though the company has faced challenges in markets where Mazda’s expertise might have been valuable.

Ongoing Partnerships Despite Ownership Changes

Even without equity ties, Ford and Mazda continued working together on several projects:

These manufacturing partnerships gradually wound down as both companies pursued independent strategies and formed new alliances.

Mazda’s New Strategic Partnership with Toyota

In 2015, Mazda began a new chapter by partnering with Toyota, which now owns 5.1% of Mazda. This relationship differs from the Ford era in several key ways:

• It’s more balanced, with Toyota taking a minority stake rather than seeking control
• The focus is on specific technologies, particularly electrification
• Includes a $1.6 billion joint manufacturing plant in Alabama
• Preserves Mazda’s independence while providing scale advantages

This partnership represents Mazda’s strategic approach to remaining competitive as a smaller automaker in an industry increasingly dominated by mega-corporations and the expensive transition to electric vehicles.

Could Ford Ever Own Mazda Again?

It’s highly unlikely that Ford would pursue majority ownership of Mazda again. Here’s why:

• Ford has shifted its corporate strategy toward electric vehicles and connectivity
• Mazda’s current partnership with Toyota complicates any potential Ford reunion
• The global automotive industry has changed dramatically since the original partnership
• Both companies have established independent identities and strategies

Never say never in the automotive world, but a Ford-Mazda reunion would be surprising given their divergent paths since the split.

Why People Still Associate Ford and Mazda

Despite the end of Ford’s ownership years ago, many consumers still connect these brands. This confusion stems from:

• Decades of shared dealerships in some markets
• Common vehicle platforms that remained in production after the split
• Similar styling cues in older models
• Parts compatibility between older Ford and Mazda vehicles

The legacy of their partnership lives on in millions of vehicles still on the road today, even though the corporate relationship has ended.

What This Means for Mazda and Ford Owners

If you own a Mazda or Ford vehicle from the partnership era, here’s what you should know:

• Parts and service remain widely available for joint-developed vehicles
• Some components may be interchangeable between certain models
• Older Mazda trucks like the B-Series are mechanically identical to Ford Rangers
• Ford and Mazda dealerships now operate completely independently

For newer vehicles (2015 and later), there’s virtually no connection between Ford and Mazda products, as they’re engineered on entirely different platforms.

The Lesson of the Ford-Mazda Relationship

The Ford-Mazda story teaches us something important about the automotive industry: partnerships evolve based on financial realities and strategic priorities. What began as a lifeline for a struggling Mazda became a mutually beneficial relationship before eventually running its course.

Today, both companies have found their own paths. Ford focuses on its strengths in trucks, SUVs, and electrification, while Mazda has carved out a niche as a maker of premium mainstream vehicles with distinctive driving dynamics.

The next time someone asks, “Does Ford own Mazda?” you can confidently explain that while they once shared a significant relationship, today they’re completely separate companies charting independent courses in an increasingly competitive automotive landscape.