News Worms
News Worms

Toyota and Mazda to Build $1.6 Billion Factory in the US

Toyota and Mazda to Build $1.6 Billion Factory in the US

Toyota spokesman Scott Vazin said the company would continue to make the Corolla at its MS manufacturing plant, as well, with no changes planned there. The two companies will work together to develop electric vehicle technology, according to the filing.

The plant will be an encouragement to the President of U.S. Donald Trump, who campaigned on the promises to increase the manufacturing for American autoworkers and spread out employment.

"In Japan, there's a great tradition of Toyota being a "big brother" to other smaller manufacturers", said Eric Noble, founder of The Carlab, an automotive consultancy in Orange, California. It is expected to build its 1 millionth vehicle this year.

Toyoda said it will go on the "offensive" by investing more in autonomous driving and artificial intelligence and is considering mergers and acquisitions as a route to expansion.

Toyota - which lost its crown as the world's top-selling automaker to Germany's in 2016- sold 2.59 million units in the quarter, slightly up from 2.52 million units a year ago. Corolla production also is done at a plant in Canada.

The two automakers will together produce 300,000 vehicles every year.

Mazda had previously operated with Ford Motor a joint venture in the U.S. Toyota has worked with Subaru and others.

Toyota began its manufacturing operations in the United States in 1972.

The location of the plant is yet to be revealed, but Toyota and Mazda have said it will create 4,000 new jobs.

The tie-up could pave the way for a broader deal in the future, including possibly a Toyota move to acquire Mazda altogether, which would greatly accelerate industry consolidation for a sector that is grappling with high regulatory and technology costs.

The new plant will be responsible for building the Toyota Corolla, which was originally planned to be built at Toyota's new plant in Mexico alongside an unnamed Mazda model. (MZDAY) are jointly investing in a new US production facility that could create 4,000 new jobs. These activities will allow the company to more quickly respond to its customers' needs depending on the region and model. But at Toyota Motor Sales U.S.A., which covers sales of both the Toyota and Lexus brands, cars accounted for 44 percent of the mix. In return, Toyota plans to transfer some of its shares to Mazda.

Shares in Mazda, which has no USA plant, soared more than 5 percent in Tokyo trade early Friday while Toyota was marginally lower.


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