Toyota (TM) Inks Deal With Mazda For Car Plant In The U.S.
Zacks Investment Research | Aug 08, 2017 08:55AM ET
Toyota Motor Corporation (NYSE:TM) has signed an agreement with the Japanese multinational automaker, Mazda Motor Corporation (OTC:MZDAY) , to set up a new joint venture. Per the deal, the companies will collaborate to build a vehicle manufacturing plant in the U.S.
Total investment of $1.6 billion will be made to construct the plant with an annual production capacity of around 300,000 vehicles. The hub is expected to start operations in 2021 and provide up to 4,000 jobs.
Focusing on the North American market, Toyota will be independently manufacturing Corolla model in the new plant, whereas Mazda will be producing cross-over models for the same target market.
Toyota Motor Corp Ltd Ord Price and Consensus
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