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Mazda Raises $1 Billion For Zoom-Zoomin' Hybrids

October 5, 2009

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 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]

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