Toyota and Mazda Announce New Joint Venture

The automakers will discuss building a plant together in the southern U.S

The two companies are likely to cooperate in the USA market, possibly launching a joint venture in the United States to build a large factory capable of producing up to 300,000 sport utility vehicles, according to the sources.

Alongside Toyota's assembly line, a new Mazda Sports Utility Vehicle (SUV) will also be made at the proposed United States factory, with the two companies hoping production will begin in 2021. The planned investment may prove advantageous to US President Donald Trump, as it appears to bolster his mission to reinvigorate US manufacturing.

The two Japanese auto makers also will form a joint venture to co-develop electric vehicles, safety features and connected-car technologies, the person said.

The influence of technology firms in the industry has also grown with Google Inc. entering the race to develop automated auto technology while US electric vehicle maker Tesla Motors Inc.is showing rapid growth.

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"Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S".

Toyota, which previously announced it will invest $10 billion to build vehicles in the United States, said Friday that trucks will be made in Guadalajara, and Corollas in the United States.

In a tweet, Trump said, "Consumer confidence is at a 16 year high.and for good reason". Toyota also has plants in Indiana, Kentucky and Texas. "The new presidential administration has made it clear investments in the USA are a top priority, and this plant may be another nod to that mindset", said Anand. He commented on Twitter that it was a "great investment in American manufacturing".

Toyota, along with German and Asian automakers, have during the past 30 years built a second auto industry in the United States, rivaling the USA operations of the Detroit Three automakers in size and employment, but with newer, and far less unionized, plants. Mazda will buy Toyota shares of equal value, which translates to a 0.25% stake in Japan's biggest automaker. Both automakers are behind rivals in the race for affordable, mass-produced electric cars.

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Mazda is already "supplying a compact sedan to Toyota in North America", which happens to be the Mazda 2-derived Toyota Yaris iA Sedan that's built in Mexico.

All Corollas now sold in the US are made in Ontario, Canada or Mississippi.

Also Friday, Toyota reported its April-June profit was 613.0 billion yen ($5.6 billion), up 11 percent from 552.4 billion yen a year earlier.

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