Donald Trump says Toyota and Mazda's USA investment 'great for American manufacturing'

Donald Trump says Toyota and Mazda's USA investment 'great for American manufacturing'”

Toyota President Akio Toyoda, however, denied being influenced by Trump to invest in the U.S. The company had first started a loose partnership with Mazda in 2015 and said it would produce Tacoma pickups in a Mexico plant, now under construction, instead of Corollas after reassessing the market.

Toyota wouldn't say where the plant would be built, but it's likely to be in the South, near the rest of the company's USA factories.

With the capacity to produce about 300,000 vehicles annually, the plant will be operational by 2021 through a new 50-50 joint venture, the person told USA TODAY.

Toyota had meant to build Corollas - the world's best-selling auto - at the plant in Mexico.

Toyota had initially been planning to produce Corollas at its new $1bn plant currently under construction in Mexico, but this will now shift to the US.

The two automakers are also expected to announce investments in each other.

The new plant takes the place of a Corolla plant Toyota had initially planned to build in Mexico.

Toyota lost its title as the world's top automaker to Volkswagen in 2016 after four consecutive years of dominance.

Toyota says it will acquire 31,928,500 shares of stock from Mazda through a third-party, which will come to a 5.05 percent stack in Mazda ($455 million).

Like most Japanese automakers, Subaru sells more sedans than trucks and SUVs in the United States, but even as sales have dwindled for smaller models, its outperformance in the world's No. 2 auto market after China was driven largely by strong demand for the recently revamped version of its Impreza sedan.

Meanwhile, Mazda, which has developed its original fuel-saving technology, has been behind in the field of electric vehicles.

And the two automakers will "share and jointly develop technologies" to build electric vehicles, Lentz said.

The plant, something of a surprise at a time of overcapacity in the U.S. market, will be a boost to U.S. President Donald Trump, who campaigned on promises to increase manufacturing and expand employment for American autoworkers.

Toyota's first-quarter decline came as Japanese carmakers race to adjust their passenger car-rich product mix to surging USA demand for crossovers, SUVs and pickups.

The companies have not announced exactly where the new plant will be built.

With the Prius and other hybrids, Toyota has dominated the market for lower-emissions vehicles for years.

"The plant will require a total investment of approximately $1.6bn, and will create up to 4,000 jobs". "This plant is a great example of Toyota's know-how and ingenuity, and of course its match with the work force and our partners in the community Together, we make such a great team, and through this teamwork, we've made some fantastic accomplishments".

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