However, following the 2008 financial crisis, Ford dramatically decreased its stake in Mazda, and, in 2015, sold all of its remaining shares. The alliance resulted in a number of joint projects Mazda cars were sold under the Ford brand name in both Asia and America. Ford would buy more than 20% of Mazda’s shares, with its stake peaking in 1996 at 33.4%. Owing to its financial difficulties, Mazda embarked on a successful alliance with Ford.
This was partly due to the American market opting for cars with superior fuel efficiency, which meant buying cars which did not feature rotary engines. The oil crisis severely slowed down Mazda’s sales and caused the company extravagant losses. After a brief period of success, the move proved to be disadvantageous for Mazda due to the engine’s low fuel efficiency and the rising oil prices of the 1970s. By 1967, Mazda decided to use the Wankel rotary engine in its cars. Two years later, in 1962, the company produced the Mazda Carol, a four-door kei car. The first car that Mazda produced was the two-door coupe Mazda R360 in 1960. The company’s founder was Jujiro Matsud, a Japanaese businessman. Eventually, the company adopted ‘Mazda’ as its name. The roots of the company’s name can be traced back to 1931, when it produced the three-wheel truck Mazda-Go.
However, it was not until 1960 that Mazda began producing passenger cars. These were supplied to the Japanese army during the war. Around the time of the First World War, Mazda, which was then known as the Toyo Kogyo Company, produced trucks and rifles. It was founded in 1920 in Hiroshima, where it originally produced corks.