Toyota Mississippi production unaffected by Toyota-Mazda joint venture

Aug 05, 2017, 00:23
Toyota Mississippi production unaffected by Toyota-Mazda joint venture

Over the decades, Toyota has developed a massive footprint of plants in the U.S. It includes factories in Kentucky, Alabama, West Virginia, Texas and in, from which it exports more than 160,000 vehicles annually to 40 countries. The two Japanese automakers also will work together on electric-car technology. Toyota, the second largest maker of autos in the world by vehicle sales in 2016, will hold a share of 5% in Mazda, extending the dominance it has in the auto sector of Japan.

The plant will have an annual production capacity of about 300,000 vehicles, according to the Associated Press, and will produce Toyota Corollas for the North American market.

The two companies aim to dodge criticism from the administration of U.S. President Donald Trump, which pledges to reduce huge trade deficits by accelerating domestic production and job creation.

The company has chose to produce its Tacoma pickups there instead, said Toyota President Akio Toyoda, who denied that Trump's statements influenced his decision. It'll be the home for Toyota's Corolla for North American sales, as well as new Mazda crossovers. But recent breakthroughs in batteries allow for longer travel per charge.

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Toyota noted the growing competition from newcomers in the auto industry like Google, Apple and Amazon, stressing he was anxious about autos turning into commodities.

The Japanese automakers announced the partnership Friday.

For the quarter, Toyota weathered a slowdown in demand in the USA auto market, the world's second largest after China, which is delivering a knock to many global automakers after years of growth boosted profits. With the Prius and other hybrids, Toyota has dominated the market for lower-emission vehicles for years but is behind on fully battery-powered auto development. Traditional automakers now face a challenge from the Renault and Nissan and Mitsubishi alliance.

"They're going to start looking at sites to look at the best benefits for Toyota and Mazda". Hiroshima-based Mazda has no plants in the US.

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Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, sold 2.2 million vehicles for the quarter, a year-on-year improvement of 42,000 vehicles.

But that fell short of the 10.3 million vehicles VW reported selling for a 3.8 percent bump.

"The plant will require a total investment of approximately $1.6bn, and will create up to 4,000 jobs".

Toyota Motor Corp raised its full-year profit forecast by 16 percent on Friday, citing expectations of a weaker yen, after posting a smaller-than-expected drop in quarterly profit.

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