Mazda Raises $1 Billion for Hybrids

| About: Mazda Motor (MZDAF)

In January, Mazda North America president Jim O'Sullivan said, "We will not go somewhere unless it's 'zoom-zoom'" -- by which he meant that Mazda (OTCPK:MZDAF) would stick with combustion engines rather than hybrid or EV technology for the foreseeable future. By June, however, the company had changed its tune, and previous rumors of its Volt-killing hybrid were confirmed to be more than rumor. Now comes word that Mazda is serious about its hybrid tech and is raising cash via ¥96 billion ($1.07 billion) in new shares and treasury stock, approximately 2/3 of which will be used to fund hybrid development. Welcome to the party, y'all. [Autocar]