Trump hails $1.6bn USA investment by Toyota and Mazda

Toyota, Mazda to form capital alliance for joint EV development

Japanese automakers Toyota Motor Corp. and Mazda Motor Corp.joint-venture auto manufacturing plant will have an annual production capacity of about 300,000 vehicles, and will produce Toyota Corollas for the North American market.

USA auto sales have weakened so far this year, and already two US factories operated by General Motors Co GM.N have indefinitely laid off work shifts, while others have scaled back production.

But Corolla output, and a new Mazda crossover, will now be shifted to the planned US assembly plant.

The two companies aim to dodge criticism from the administration of U.S. President Donald Trump, which pledges to reduce huge trade deficits by accelerating domestic production and job creation.

Last year, the Japanese company said all of its new cars will have zero emissions by 2050, and it also opened an all-new division, specifically for developing electric vehicles.

The Yomiuri Shimbun Toyota Motor Corp. and Mazda Motor Corp. announced on Friday that they will enter a business and capital alliance to jointly develop electric vehicles.

Toyota will produce its Corolla model, while Mazda will produce a new crossover at the new facility, according to the Wall Street Journal.

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The alliance is also an attempt to catch up with rivals in the race for electric vehicle technology, as tighter global emissions rules loom, along with the entry of new players into the market. Currently, Mazda ships all cars to the USA from its factories in Japan and Mexico. The decision to build the plant in the U.S. has been hailed as a boost for American manufacturing.

And as for the shared capital structure, Mazda and Toyota will take equal value stakes in each other.

Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, sold 2.2 million vehicles for the quarter, a year-on-year improvement of 42,000 vehicles.

He has previously told Toyota it would face hefty tariffs on cars built in Mexico for the United States market if they were made south of the border.

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

The sheer cost of the plant also makes a partnership logical, as it boosts cost-efficiency and economies of scale. Toyota is aiming to have such cars on the market by 2020, while Mazda is aiming for a launch in 2019. Production of the mid-size pickup truck will also continue at the current sites in the USA and Mexico.

As we reported earlier today, Mazda and Toyota have indeed taken a step towards increased collaboration, particularly in the U.S.

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