Toyota, Mazda | Toyota, Mazda to build USD 1.6 billion electric cars plant in US

Japanese automobile giant, Toyota Motor Corp and Mazda Motor Corp announced on Friday that the two companies will be coming together to build a USD 1.6 billion US assembly plant to jointly develop electric vehicle technologies.
 
The joint manufacturing unit of the companies is likely to start operations in 2021, with a capacity of production of 3,00,000 vehicles every year. The unit will employ nearly 4,000 people and the production from the unit will be divided between both the automakers.
 
The strategic plan of producing electric vehicles have come in the light of stricter global emissions regulations, driving more and more automakers to develop battery-powered vehicles. While Toyota and Mazda will also be working on developing information technologies for in car features along with automated driving functions.
 
After the following joint venture, Toyota will hold a 5% stake in its smaller rival, whereas Mazda will take 0.25% stake in Toyota. The automobile majors have planned to manufacture Toyota Corollas and a new Mazda SUV crossover at the joint plant.

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