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Toyota, Mazda to Build $1.6 Billion Plant in US in Joint Venture
05 August 2017, 12:24 | Ruby West
Toyota, Mazda to form capital alliance for joint EV development
The plant, which is somewhat of a surprise considering the overcapacity that exists in the auto market in the US, will help President Donald Trump, who during his campaign promised to increase the amount of manufacturing and employment for autoworkers in the U.S.
Toyota has invested $961 million in the Blue Springs plant, which employs 2,000 workers.
Mazda also stands to gain a production stake in the United States, which is its biggest market. Their alliance led world vehicles sales for the first time in the first half of this year. But their close relationship has been in development for many years, he said.
For the quarter, Toyota weathered a slowdown in demand in the US auto market, the world's second largest after China, which is delivering a knock to many global automakers after years of growth boosted profits. Corolla production also is done at a plant in Canada. Mazda has not made cars in the US since a joint partnership with Ford unraveled earlier this decade. This is a partnership in which those who are passionate about cars will work together to make ever-better cars. The ToyotaMazda plant will have an annual production capacity of 300,000 vehicles.
"We're in the process of preparing for our current volumes to be projected, and at this moment, we don't see any big change for us".
A new Toyota assembly plant will provide 4,000 new jobs as part of a $10 billion investment in the USA over the next five years, according to the Japanese automaker.
"Toyota may benefit from a taste of Mazda's zoom-zoom flavor and add to its global volume count, but most of the benefit of the link-up goes to Mazda, which desperately needs USA production in this protectionist era and help with advanced technology development". It is expected to produce the Toyota Corolla and a Mazda SUV. Production of the mid-size pickup truck will also continue at the current sites in the US and Mexico. These activities will allow the company to more quickly respond to its customers' needs depending on the region and model.
"We intend to submit a proposal to our board of directors today regarding the partnership with Mazda, however, we would like to refrain from providing further comment at this time", Toyota said in a statement issued by its USA operations. In return, Toyota plans to transfer some of its shares to Mazda.
Mazda said it planned to issue new shares to Toyota worth 50 billion yen, or about $450 billion, which would give Toyota a 5.05 percent ownership stake in Mazda.
BMW Denies Cartel Allegations, Recalls Euro 5 Diesels
Volkswagen , Daimler, and BMW declined to comment on the Spiegel report, with the latter two calling it "speculation". If EU officials ultimately find that the carmakers broke competition law, they could fine them billions of euros.
Weather to be mild Monday and Tuesday
There will be a chance of thunderstorms Wednesday through Saturday , especially during the afternoon and evening hours. Sunny skies and high temperatures in the mid 80s are in the forecast today for Auburn and Cayuga County.
EU 'vigilant' on new US sanctions on Russia
Notably, the new legislation includes restrictive measures against Russian private individuals and separate economic sectors. Embassy spokeswoman Maria Olson could not immediately say how many people had to leave to meet Russia's new requirements.
This teen jumped from a plane, landed in police net
The incident did not affect operations at the airport, and the aircraft proceeded to the gate, according to the statement . The American Airlines flight 5242 was preparing for takeoff from the terminal at Charlotte Douglas International Airport.
Attackers target Shiite mosque in Afghanistan's Herat
He said at least 25 others who sustained injuries in the attack were also shifted to the hospital for the treatment. A security source, who declined to be named, said IS could prove to be more risky than the Taliban in Afghanistan .
Trump replaces chief of staff Priebus with general Kelly
Priebus said in a statement that it was one of the greatest honours of his life to serve the U.S. president and the country. Press secretary Sean Spicer quit after the appointment of Mr Scaramucci , warningover "too many cooks in the kitchen".
Sensex, Nifty close at an all-time high
The broader NSE Nifty ended up 0.37 percent at 10,114.65, while the benchmark BSE Sensex closed 0.19 percent higher at 32,575.17. The index ended the day 168 points higher at 11,170, with Apollo Tyres (down 0.19 per cent) as the solitary loser.