Toyota and Mazda Team for $1.6 Billion Electric Vehicle Plant
00:24, Aug 5, 2017
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"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. Toyota will pay about $450 million for a 5% stake in Mazda as part of the deal, while Mazda will buy a stake of the same value in Toyota.
The plant will be opened under a new 50/50 joint venture between the two rivals, and is expected to create 4,000 new jobs.
"As part of the new alliance, Toyota and Mazda have agreed to explore establishing a joint venture plant in the US with equal funding contributions..."
Meanwhile, Mazda now has no production facilities in the USA, but has previously operated factories in Kansas and MI, one of the Midwestern, rustbelt states Trump promised to return to prosperity during his presidential campaign.
Toyota had meant to build Corollas - the world's best-selling vehicle - at the plant in Mexico. It will employ approximately 4,000 and start operations in 2021. But recent breakthroughs in batteries allow for longer travel per charge.
With growing competition from tech giants in the auto industry like Alphabet's Waymo, Apple, and Amazon, traditional automakers are now turning to commodities.
It already holds a stake of 16.5% in Subaru the No. 6 largest automaker in Japan, with which the two have a development partnership as well.
Through last year, Toyota has sold more than 300,000 Corollas in the USA for four consecutive years.
The company continues to expect consolidated vehicle sales of 8.9 million units for the year, in consideration of the latest sales trends worldwide. Hiroshima-based Mazda has no plants in the US.
A share of Mazda might also prevent incursions in the future by tech companies, said one industry analyst on Friday. It is expected to build its 1 millionth vehicle this year.
"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 US manufacturing capacity.
Mazda lacks any USA factories, which exposes one of Japan's smallest carmakers to both trade and currency risk.
Fox has said it will continue to investigate the story and provide updates as warranted but has not yet said it was wrong. He added, "As Ed himself has noted, he has never met the president and the White House had nothing to do with his story".
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