According to a new report, Japanese automakers Toyota and Mazda are close to reaching an agreement to form a new partnership. And assuming the deal goes through, the next step will reportedly be to build a new joint factory somewhere in the southern U.S.
Citing the Nikkei Asian Review, Automotive News reports that Toyota plans to buy a 5-percent stake in Mazda, with Mazda then buying an undetermined amount of Toyota. The resulting partnership would likely lead both companies to collaborate on future electric vehicle technology, as well as a future factory.
So far, a location for the factory has yet to be chosen, but Automotive News expects it to be built either in the Midwest or the Southeast. The plant will reportedly assemble SUVs for each company, potentially pumping out 300,000 vehicles per year. Currently, Mazda already builds the Yaris iA for Toyota at its Salamanca plant in Guanajuato, Mexico.
“In May 2015, Toyota and Mazda signed a memorandum of understanding to explore various areas of collaboration,” Toyota told Automotive News a statement. “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.”
Look for an official announcement to come as early as Friday, August 4.
Source: Automotive News (Subscription required)
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