Tuesday, 07 July, 2020

Toyota, Mazda to build $1.6B plant in US

Reuters Reuters
Debra Rodriguez | 05 August, 2017, 01:11

According to the Associated Press, the plant will produce up to 300,000 vehicles annually, including Toyota Corollas and new Mazda cross-over models for the North American market.

The new factory's location hasn't been decided.

The two companies will work together on developing electric vehicle technologies as emission regulations compel automakers to invest in the technology. The automakers plan to produce Toyota Corollas and a new Mazda SUV crossover at the new plant. On Friday, the Japanese firm said it now plans to produce Tacoma pickup trucks at the plant in Mexico instead of the Corolla.

In his Friday-morning tweets, Trump also highlighted another foreign company's recent investment in the US.

According to the agreement, Toyota will acquire a 5.05 percent stake in Mazda for 50 billion yen (454 million US dollars), while Mazda is to buy a 0.25 percent shareholding in Toyota that are equivalent in value to the Mazda shares.

"Toyota and Mazda have been working more closely together, so it is no surprise they will have a plant together", Autotrader.com analyst Michelle Krebs said, adding that Mazda had been searching for USA manufacturing capacity.

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There are plans to jointly develop electric vehicle tech 'for the basic structure of competitive electric vehicles'.

It also comes after Toyota and other auto companies vocally opposed Trump's plans to pursue sweeping changes to the North American Free Trade Agreement, which bolstered Mexican manufacturing. "The plant will require a total investment of approximately 1.6 billion US dollars, and will create up to 4,000 jobs", the press release said. He threatened to slap a "big border tax" on Toyota cars if the plant isn't built in the U.S.

Both Japanese automakers will take small amount of stakes in each other as part of the link up.

Toyota began its manufacturing operations in the United States in 1972. Neither brand has anything mainstream enough to take on Nissan's Leaf, for example, and European manufacturers are busy surging their electric auto development processes.

Toyota on the other hand is perfectly placed to enter the EV market, and has already committed to sustainable transport.

Toyota announced plans in January to invest $10 billion in USA operations over the next five years.

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