Japanese automakers Toyota Motor Corp. and Mazda Motor Corp. said Friday they plan to spend $1.6 billion US to set up a joint-venture auto manufacturing plant in the U.S., creating up to 4,000 jobs.
The plant will have an annual production capacity of about 300,000 vehicles and produce Toyota Corollas for the North American market. Mazda will make cross-over models that it plans to introduce to that market, both sides said.
The companies will split equally the cost for the plant, scheduled to open in 2021 at a location yet to be determined. Click here to read more.