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Toyota, Mazda to Spend $1.6 Billion on Joint U.S. Auto Plant

  • Trump cheers first new assembly factory since taking office
  • Move will allow Toyota to boost output of RAV4, Tacoma models
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Toyota and Mazda Said Planning U.S. Plant

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Toyota Motor Corp. and Mazda Motor Corp. agreed to buy stakes in each other and jointly build a $1.6 billion U.S. factory, the auto industry’s first new assembly plant to be announced under President Donald Trump.

Toyota will acquire about 5 percent of Mazda, which will hold a 0.25 percent stake in the bigger automaker, according to a statement. The two plan to start producing Corolla compact cars and Mazda crossovers at a shared factory in 2021, creating as many as 4,000 jobs.