Mazda to produce electric cars together

Mazda to produce electric cars together

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.

Trump in January criticized Toyota for importing cars to the United States from Mexico.

"Right now, we haven't even started our search for locations", Lentz said.

In addition to the new factory in the US, the automakers said they would collaborate on safety and technology for electric vehicles.

Japanese automakers Toyota Motor Corp and Mazda Motor Corp are partnering in electric vehicles with a deal that might lead to setting up an assembly plant in the US.

"Mazda has been producing the Toyota Yaris iA and now the Yaris for us in Mexico, so we've had this relationship with them for a couple of years", said Toyota's North America CEO Jim Lentz in an interview with Dallas Morning News.

"This is a partnership in which those who are passionate about cars will work together to make ever-better cars", said Akio Toyoda, Toyota's president to reporters.

In a tweet, Trump said, "Consumer confidence is at a 16 year high.and for good reason".

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Japan's largest carmaker is mulling taking a roughly 5 percent stake in Mazda, while Mazda may also invest in Toyota, the sources said.

Shares in Mazda, which has no USA plant, soared more than 5 percent in Tokyo trade early Friday while Toyota was marginally lower.

With the Prius and other hybrids, Toyota has dominated the market for lower-emission vehicles for years but is behind on fully battery-powered auto development.

The Toyota-Mazda capital tie-up is expected to push forward further the consolidation of automakers into four major groups: Toyota, Germany's Volkswagen, General Motors Co. of the United States, and the alliance of France's Renault SA and Nissan Motor Co. At the time, the automaker was considering making cars for the USA market in Mexico. The location of the U.S. plant has not been made public yet.

For Toyota, the investment is a push to expand US vehicle-making capacity and market share and intensify its attack on the Detroit automakers' lucrative truck business.

However it's not only electric cars that will benefit from the partnership.

Toyota said it is assuming an average US dollar rate of 110 yen and euro rate of 124 yen for the year, compared to earlier estimates of 105 yen and 115 yen, respectively.

The forward-looking manoeuvre would see Toyota take a five per cent slice of Mazda, while Mazda would take a much smaller piece of Toyota; the maker of the Prius is a much bigger, much more valuable entity, after all.