Ford Motor Co. and its partners, Mazda Motor Corp. and Chongqing Changan Automobile Co., have received government approval to end their three-way joint venture, reports the 21st Century Business Herald newspaper.

Ford and Mazda each will create separate 50-50 joint ventures with Changan at the end of this year, the newspaper said, citing an unnamed source.

A Ford spokeswoman said the report was only speculation, while a Mazda spokeswoman said she had no knowledge of the matter. Changan executives could not be reached for comment.

The future of the Changan-Ford-Mazda partnership had been in question since 2008, when Ford reduced its 33.4 percent controlling stake to 13.4 percent to raise cash.

Earlier this year, the partners submitted a proposal to the Chinese government to divide their partnership into two separate joint ventures, sources said.

Ford and Changan currently own 35 percent and 50 percent of the venture, respectively, with Mazda holding 15 percent.