Toyota and Mazda build the total plant and will develop electric cars together
Toyota Motor announced its intention to acquire 5% of another Japanese automaker Mazda Motor. The purchase will be part of the contract providing for the construction of a car Assembly plant that cost $ 1.6 billion and joint development of electric vehicles.
The place where the plant is built, not yet named. However, it is known that the company will create about 4,000 jobs and will produce up to 300,000 cars a year. The products will be allocated between the partners. Its production should begin in 2021.
Industry observers believe that consolidation of efforts in the development of electric vehicles will help Toyota and Mazda to keep up with competitors in the rapidly emerging market.