- Title: Toyota and Mazda link up to build $1.6 billion U.S. plant
- Date: 4th August 2017
- Summary: TOKYO, JAPAN (AUGUST 4, 2017) (REUTERS) ****WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF TOYOTA MOTOR CORPORATION PRESIDENT, AKIO TOYODA, AND MAZDA MOTOR CORPORATION PRESIDENT, MASAMICHI KOGAI, HOLDING A NEWS CONFERENCE (SOUNDBITE) (Japanese) TOYOTA MOTOR CORPORATION PRESIDENT, AKIO TOYODA, SAYING: "Toyota Motor Corp and Mazda Motor Corp. have signed an agreement to form a capital alliance." JOURNALISTS TAKING PHOTOS NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Japanese) TOYOTA MOTOR CORPORATION PRESIDENT, AKIO TOYODA, SAYING: "In terms of competition, demands, and maximising the effect of the tie-up, we decided to build Corolla cars in a new plant, in addition to the current Mississippi plant, and shift it (Corolla production) to the U.S." NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Japanese) MOTOR CORPORATION PRESIDENT, MASAMICHI KOGAI, SAYING: "By competing and collaborating with Toyota, we're expecting to develop basic technologies of electric vehicle (EV) by setting goals high." VARIOUS OF TOYODA AND KOGAI SHAKING HANDS COMPANY LOGO READING (English): "TOYOTA" COMPANY LOGO READING (English): "MAZDA"
- Embargoed: 18th August 2017 13:49
- Keywords: Toyota Motor Corp Mazda Motor Corp U.S. assembly plant
- Location: TOKYO, JAPAN
- City: TOKYO, JAPAN
- Country: Japan
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0016SQQVM5
- Aspect Ratio: 16:9
- Story Text: Toyota Motor Corp. and Mazda Motor Corp. plan to build a $1.6 billion (1.21 billion pounds) U.S. assembly plant, the two said on Friday (August 4), as part of an alliance that will also see the Japanese automakers jointly develop electric vehicle (EV) technologies.
The plant, something of a surprise at a time of overcapacity in the U.S. market, will be a boost to U.S. President Donald Trump, who campaigned on promises to increase manufacturing and expand employment for American autoworkers.
At a news conference, Toyota Motor Corporation President Akio Toyoda said the company decided to shift Corolla production to the U.S. from its new $1 billion plant currently under construction in Mexico, where the company would instead produce its Tacoma truck model.
The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people. It will start operating in 2021.
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