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Toyota Pairing Up with Mazda on EV Project, $1.6b US Car Plant

Mazda to issue new shares as Toyota set to take 5% equity stake.

by on Aug.04, 2017

Toyota President Akio Toyota and his Mazda counterpart Masamichi Kogai announce their alliance.

On the same day Toyota Motor Corp. announced a 6% jump in net earnings, the Japanese automaker confirmed it will take an equity stake in Mazda Motor Corp. on a venture that will lead them to jointly develop and produce electric vehicles.

Meanwhile, the two carmakers confirmed they will also set up a new, $1.6 billion assembly plant in the United States that will create up to 4,000 new jobs. Toyota already operates a broad network of factories in the U.S., but Mazda hasn’t operated a plant there since exiting a long-running joint venture with Ford Motor Co. several years ago.

Beyond the Headlines!

“The greatest fruit of our partnership with Mazda is that we have found a new partner who truly loves cars,” said Toyota President Akio Toyoda. “It has also sparked Toyota’s competitive spirit, increasing our sense of not wanting to be bested by Mazda.”

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