Japanese automakers Toyota Motor Corp and Mazda Motor Corp are revving up on their partnership, reportedly with plans to set up a joint-venture auto assembly plant in the U. S. and work together to develop electric vehicles. The Japanese Nikkei business daily reported Friday that…
Japanese automakers Toyota Motor Corp and Mazda Motor Corp are revving up on their partnership, reportedly with plans to set up a joint-venture auto assembly plant in the U. S. and work together to develop electric vehicles.
The Japanese Nikkei business daily reported Friday that the two are negotiating an agreement in which Toyota will take about a 5 percent stake in Mazda, and Mazda would also take a stake in Toyota.
Toyota said in a statement that it was planning to propose to its board a partnership with Mazda. It was due to hold a joint news conference with Mazda at a Tokyo hotel later in the day. The company gave no other details. Mazda, which makes the Miata roadster, declined comment.
A person briefed on the matter, who did not want to be identified because an official announcement hadn’t been made, confirmed the partnership.
President Donald Trump has been urging Toyota and other Japanese automakers to invest and build more vehicles in the U. S.
Using the same plant to build vehicles can improve cost-efficiency.
EVs have become an increasingly competitive market segment because of concerns about global warming and the environment.
