BREAKING NEWS FROM CNBC'S PHIL LEBEAU: TOYOTA AND MAZDA PLAN TO BUILD $1.6 BILLION U.S. PLANT IN JOINT VENTURE - SOURCES
Toyota and Mazda plan to build $1.6 billion US plant in joint venture: Sources (https://www.cnbc.com/2017/08/03/toyota-and-mazda-plan-to-build-1-point -6-billion-us-plant-in-joint-venture-sources.html) · Toyota and Mazda are expected to announce plans on Friday to build a $1.6 billion U.S assembly plant in a new joint venture, sources told CNBC Phil LeBeau (https://www.cnbc.com/phil-lebeau/) | @Lebeaucarnews (https://twitter.com/Lebeaucarnews) Japanese automakers Toyota (https://www.cnbc.com/quotes?symbol=7203.T-JP) and Mazda (https://www.cnbc.com/quotes?symbol=7261.T-JP) are forming a partnership to build a new final assembly plant in the United States (https://www.cnbc.com/united-states/), with sources familiar with the plan telling CNBC the joint venture and assembly plant will be announced Friday in Japan. A location for the $1.6 billion facility has not yet been picked, but it's expected to have the capacity to build 300,000 vehicles annually while employing 4,000 workers, the sources said. The companies hope to open the plant in 2021, the sources said. The new facility is just one aspect of the partnership Toyota and Mazda, with the two also planning to work together to develop electric vehicles and connected-car technologies, the sources said. Both companies have a history are working with other automakers. Toyota operated a final assembly plant in Fremont, California, with General Motors (https://www.cnbc.com/quotes?symbol=GM) until the plant closed in 2010 as GM went through a structured bankruptcy. That plant was eventually sold to Tesla (https://www.cnbc.com/quotes?symbol=TSLA) and is currently run by the electric car company. Meanwhile, Mazda was once in a long-running alliance with Ford (https://www.cnbc.com/quotes?symbol=F), until the Dearborn, Michigan automaker decided to end the relationship and sell its stake in Mazda in 2008. A collaboration between the Japanese (https://www.cnbc.com/japan/) automakers would not only give them more flexibility and capacity, it would also help them save on the money needed to develop electric vehicles and future technologies. In addition, the substantial investment in U.S. manufacturing and the hiring of approximately 4,000 workers will help the automakers withstand criticism from the Trump administration for exporting vehicles from Mexico to the United States. Neither Toyota nor Mazda would comment when asked about the joint venture. For more information contact: Jennifer Dauble CNBC t: 201.735.4721 m: 201.615.2787 e: jennifer.dauble@nbcuni.com Erin Kitzie CNBC t: 201.735.4739 m: 201.753.8107 e: erin.kitzie@nbcuni.com If you would rather not receive future communications from NBC Universal, INC, please go to https://optout.cision.com/en/226NLLHAG6dPUnaooEr9PPAGyFHLpfy2KGHpjjH6wDFoFmNFajJrnXrX4YgMWvcX4E48YkS1f4YSM1bTei4ZN4bhGfjaphYSYbp6X9YN37GvhC. NBC Universal, INC, 900 Sylvan Ave, Englewood Cliffs, New Jersey 07632 USA ------------------------------------------------------------ If you would rather not receive future communications from NBC Universal, INC, please go to https://optout.cision.com/en/226NLLHAG6dPUnaooEr9PPAGyFHLpfy2KGHpjjH6wDFoFmNFajJrnXrX4YgMWvcX4E48YkS1f4YSM1bTei4ZN4bhGfjaphYSYbp6X9YN37GvhC. NBC Universal, INC, 900 Sylvan Ave, Englewood Cliffs, New Jersey 07632 USA