Toyota Eyes Possible SUV Production at Guanajuato, Mexico Plant
00:09, Aug 5, 2017
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The Japanese auto giants agreed to establish a £1.6bn joint venture plant in the U.S. with equal funding contributions, with the goal of beginning operations in 2021 and eventually producing 300,000 vehicles a year.
USA auto sales have weakened so far this year, and already two US factories operated by General Motors Co GM.N have indefinitely laid off work shifts, while others have scaled back production.
Toyota said it plans to open the factory with Mazda by 2021, with the location yet to be decided.
President Trump, who vowed to bring manufacturing jobs back to the U.S.in his campaign, praised the announcement in a tweetFriday.
The two have also agreed to join forces to develop electric auto technology.
Toyota Motors Corporation and Mazda Motor Corporation agreed to build joint venture plant producing vehicles in the United States, Toyota said in a press release. "NO WAY! Build plant in USA or pay big border tax", Trump said in a post on Twitter.
Toyota wouldn't say where the plant would be built.
There are plans to jointly develop electric vehicle tech 'for the basic structure of competitive electric vehicles'. Currently, 100% of Mazda cars sold in the US are made in other countries, according to Barclays.
"In Japan, there's a great tradition of Toyota being a "big brother" to other smaller manufacturers", said Eric Noble, founder of The Carlab, an automotive consultancy in Orange, California.
Toyota already provides hybrid technology to Mazda, which also makes compact cars for Toyota at its Mexico plant.
Mazda would also take a stake in Toyota, the report said. But the automaker in 2013 opted to build a plant for its luxury Audi unit in Mexico instead of in the United States.
It, along with other Japanese rivals, also lacks the funds to develop electric cars on its own.
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