Toyota, Mazda to jointly build United States plant
06 August, 2017, 01:39 | Author: Devin Moran
Additionally, Toyota will help Mazda develop autonomous and connected vehicle technologies, while hoping that some good old fashioned Zoom Zoom will rub off on its very reliable, but often boring cars and trucks. The alliance is also an attempt to catch up with rivals in the race for electric vehicle technology, as tighter global emissions rules loom, along with the entry of new players into the market. "We can not comment any further". "We have a real sense of crisis about this".
Trump's pressure to build more vehicles in the USA may have affected the timing of Mazda's decision to start manufacturing cars in the U.S., as well as Toyota's decision to boost its presence, said John Shook, chief executive of the Lean Enterprise Institute in Cambridge, Massachusetts.
Japanese automotive giants Toyota Motor Corporation and Mazda Motor Corporation have signed an agreement to enter a business and capital alliance, with the aim of further strengthening their lasting partnership. "That's why I feel it has become increasingly important for us automakers to gather new partners without seeing things in confrontational perspectives".
"Toyota may benefit from a taste of Mazda's zoom-zoom flavour and add to its global volume count, but most of the benefit of the link-up goes to Mazda, which desperately needs U.S. production in this protectionist era and help with advanced technology development", Michelle Krebs, analyst for Autotrader, an online marketplace for vehicle shoppers and sellers, said in a statement. "There are no nautical charts for us to follow".
In North America, Toyota builds Corolla cars in Canada and MS and announced plans in 2015 to shift Canadian Corolla production to a new $US1b ($F2b) plant in Mexico.
President Trump tweeted news of the plant Friday morning, adding "A great investment in American manufacturing!" Currently, 100% of Mazda cars sold in the US are made in other countries, according to Barclays.
"If you talk to our dealers and our customers, what everyone wants more of is more crossover utility vehicles - and those will be built in Canada - and more pickup trucks", Jim Lentz, Toyota's chief executive officer for North America, said by phone.
Toyota's presence in the USA has steadily increased in recent decades. "We have confidence that we are still going to see a strong auto industry".
The two companies plan to take investment stakes in each other.
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.
As part of the deal, Toyota will gain a 5 per cent stake in Mazda.
The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and employ about 4,000 people. "It makes flawless sense that they would join with Toyota and help spread the cost of building the plant and producing the vehicles". Even with the improved outlook, the automaker is projecting a second consecutive annual profit decline, which would be a first since 1994.
"We have a lot of confidence in the USA economy", Lentz said.
The sheer cost of the plant also makes a partnership logical, as it boosts cost-efficiency and economies of scale.
Reuters provides more: "The electric vehicles cooperation, meanwhile, comes as the tightening of global emissions regulations prompts more automakers to develop battery powered cars, as the industry struggles with hefty research costs and intense competition from technology companies over technology like self-driving cars".
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