Toyota and Mazda to Invest $1.6 Billion in US Car Plant

Image source Wikimedia

Toyota and Mazda have teamed up to invest $1.6 billion in a new car plant in the US.

The two Japanese car giants have also agreed to join forces to develop electric car technology. Toyota is to take a 5% stake in Mazda, while Mazda will also invest in Toyota.

The new US plant aims to produce 300,000 vehicles a year and expects to employ about 4,000 people.

President Donald Trump tweeted the announcement was “a great investment in American manufacturing”.

Image source Wikimedia

Skydrive: Toyota Announces Support for Flying Car Project

Toyota Overtakes VW in Global Car Sales After Dieselgate Scandal

Fiat and Mazda Alliance to Develop Two-Seater Sports Cars

Earlier this year, Donald Trump had said Toyota would face hefty tariffs on cars built in Mexico for the US market if they were made south of the border.

The new plant will produce Toyota Corollas and a new Mazda SUV crossover.

The companies hope to be able to start production in 2021.

President Trump tweeted: “Toyota & Mazda to build a new $1.6B plant here in the U.S.A. and create 4K new American jobs. A great investment in American manufacturing!”

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.