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Mazda, of which Ford (F.N: Quote, Profile, Research, Stock Buzz) owns a third, had been expected to overshoot its projections until it revealed on Thursday results described as "awful" by Credit Suisse and shaved 75,000 vehicles off of its sales target.

CEO Hisakazu Imaki declined to confirm or deny reports Ford is looking to unload the bulk of its stake in the Japanese carmaker to raise cash, saying only that he expected no change in the long-time partners' relationship.

"Mazda and Ford are so close that it's hard to tell where one starts and the other ends," Imaki said.
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