Toyota boosts forecast amid talk of alliance with Mazda
05 August, 2017, 00:09 | Author: Regina Lloyd
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.
President Donald Trump threatened to tax auto imports early in his presidency and specifically attacked Toyota's plan to open a Corolla plant in Mexico.
The person briefed on the matter, who was not authorized to speak to the media and requested anonymity, confirmed the Jaapanese carmakers were planning to build a large plant in a yet to be determined US location and planned future joint efforts on electric vehicles.
President Donald Trump tweeted the decision was "a great investment" in U.S. manufacturing.
According to Forbes, Toyota and Mazda said they will both buy 5 percent of each other's shares and use the partnership to develop technologies for electric vehicles and autonomous drive, or self-driving vehicles.
After reassessing the market, Toyota has changed its plan to make Corollas at a plant in Guanajuato, Mexico, now under construction, and instead will produce Tacoma pickups there, Toyota President Akio Toyoda said.
Toyota said it would not move Corolla production to its plant in Mexico, which is now under construction, but it would instead make its Tacoma model there.
As part of the deal, Toyota will take a five percent stake in the more modest Mazda, with Mazda taking a 0.25 percent stake in Toyota in return.
Toyota operated a final assembly plant in Fremont, California, with General Motors until the plant closed in 2010 as GM went through a structured bankruptcy.
The co-operation between Toyota and Mazda on developing electric vehicles comes as the industry adapts to the tightening of global emissions regulations.
"This is a partnership in which those who are passionate about cars will work together to make ever-better cars", he said. In recent years, Japanese auto makers have shifted more manufacturing to North America to be closer to the US market and reduce exposure to currency fluctuations. "The plant will require a total investment of approximately 1.6 billion USA dollars, and will create up to 4,000 jobs", the press release said. "Build plant in USA or pay big border tax".
Under the deal announced on Friday, Toyota and Mazda will both acquire shares of each other.
Mazda entered the United States market in as Mazda Motor America in 1970. "Because of its strong dependence on North American market, Mazda absolutely needs to expand its manufacturing footprint here".
Toyota declined to comment, and Mazda spokesman Jeremy Barnes said the matter was set to be discussed in Japan on Friday but he couldn't comment further. Neither brand has anything mainstream enough to take on Nissan's Leaf, for example, and European manufacturers are busy surging their electric vehicle development processes.
As we reported earlier today, Mazda and Toyota have indeed taken a step towards increased collaboration, particularly in the U.S.
Toyota Motor Corp raised its full-year profit forecast by 16 percent on Friday, citing expectations of a weaker yen, after posting a smaller-than-expected drop in quarterly profit.
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