One factory combines Toyota and Mazda
One factory combines Toyota and Mazda
One factory combines Toyota and Mazda
Japanese automakers Toyota and Mazda have revitalized their partnership by planning to establish a joint automaker’s plant in the United States and working together to develop electric cars.
The Japanese Nikkei newspaper reported on Friday that the two sides are negotiating an agreement under which Toyota will acquire a 5 percent stake in Mazda, and Mazda will also acquire a stake in Toyota.
Toyota said in a statement that it intends to propose its partnership with Mazda to its board of directors.
Toyota is scheduled to hold a joint press conference with Mazda at a Tokyo hotel later in the day. The company did not provide any other details. Mazda also declined to comment.
A source familiar with the matter confirmed the partnership.
President Donald Trump has urged Toyota and other Japanese automakers to invest and make more cars in the United States.
Electric vehicles are becoming an increasingly competitive market segment due to concerns about global warming and the environment.
