Toyota takes stake in Mazda, links up for $1.6 billion USA plant

06 August, 2017, 01:41 | Author: Yolanda Murray
  • Toyota to take 5 percent stake in Mazda Nikkei

Both companies hope the move will help them catch up with their rivals in electric vehicle technology. Toyota reports its first-quarter results after the market's close Friday.

President Donald Trump had criticized Toyota and other automakers for taking auto production and jobs to Mexico, saying vehicles for the USA market should be built by US workers.

In 2015, Toyota and Mazda agreed to work together to use the resources of both companies and "complementing each other's products and technologies toward the goal of making more-appealing cars". This is a partnership in which those who are passionate about cars will work together to make ever-better cars.

He was appointed previous year to lead Toyota's newly formed electric vehicle division, flagging the group's commitment to a technology it has been slow to embrace.

The deal may also lead to the companies setting up an assembly plant in the U.S.

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Toyota wouldn't say where the plant would be built.

Under its new plan, Toyota's forthcoming factory in Guanajuato, Mexico will not build Corollas that are now assembled in Canada and instead build the medium-sized Tacoma pickup.

Toyota Motor Corp and Mazda Motor Corp are nearing a deal to buy stakes in one another and jointly build a US$1.6bil USA factory, according to people familiar with the matter. The truck is also assembled in Texas and is ramping up production now in Baja, California, Mexico.

Trump welcomed the news, describing it on Twitter as a "great investment in American manufacturing".

Toyota's presence in the US has steadily increased over the decades.

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The plant will have an annual production capacity of about 300,000 vehicles, and will produce Toyota Corollas as well as a new Mazda crossover vehicle for the North American market.

The next Corolla will be built on the Toyota New Global Architecture (TNGA) that underpins the 2018 Camry. It tied up with major US graphics chip producer Nvidia in 2016 through a U.S. But recent breakthroughs in batteries allow for longer travel per charge. Until Ford Motor Company sold two-thirds of its controlling interest in Mazda in 2008, the two built the RWD Mustang and FWD Mazda6 in Flat Rock, Michigan. Though speculatively a potential product for the new US factory, its bodystyle is similar to niche models like the BMW X4 and Mercedes-Benz GLC Coupe. The company operates primarily in Japan, North America, Europe and Other Areas.

Japan's Nikkei reported earlier on Thursday that Toyota would take a roughly 5 per cent stake in Mazda Motor Corp (7261.T) to develop key electric vehicle technologies and jointly build a factory in the United States.The source who spoke to Reuters confirmed the Japanese carmakers planned future joint efforts on electric vehicles. Even Toyota has lagged in EV development as it has concentrated on its Prius line of hybrids, and on hydrogen fuel cell development.

With increasing demand and expectations for electric vehicles worldwide, Toyota and Mazda are to explore joint development of technologies for the basic structure of competitive electric vehicles, mobilizing and exchanging expertise freely and actively.

"As Toyota embarks on its joint venture with Mazda, we stand ready to grow our existing partnership and strengthen Mississippi's standing as a global leader in automotive manufacturing".

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Neither Toyota nor Mazda's lineups include EVs. With the sense of crisis, Mazda made a decision to approach Toyota. Toyota also is the top shareholder in Fuji Heavy Industries, the maker of Subaru cars.



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