- Toyota Motor Corporation, commonly referred to as just Toyota.
- Mazda Motor Corporation, commonly referred to as just Mazda.
The two Japanese automobile multinational companies today made a huge announcement:
Toyota and Mazda will be jointly building a $1.6 billion factory in the United States of America, where they will be producing vehicles. Both companies will be splitting the costs of this joint venture but they haven’t yet disclosed in which state of the USA they will be building this factory.
The manufacturing plant is set to have a huge capacity that will allow the companies an output of 300,000 vehicles a year and more importantly, this venture is set to create approximately 4,000 job opportunities.
President Trump loved the project and here’s what he tweeted about it, calling it a great investment in American manufacturing:
Toyota & Mazda to build a new $1.6B plant here in the U.S.A. and create 4K new American jobs. A great investment in American manufacturing!
— Donald J. Trump (@realDonaldTrump) August 4, 2017
The Japanese automakers said that the construction will begin soon and the manufacturing facility should be ready by 2021. State and local governments are likely to offer subsidies and tax incentives to the plant. The tie up will also include the production of electric vehicles in the next few years.
“This is a partnership in which those who are passionate about cars will work together to make ever-better cars,” Toyota president Akio Toyoda had to say. Toyota also announced plans of spending over $10 billion in the next few years.
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