Toyota takes stake in Mazda, invests more in self-driving and AI
05 August, 2017, 00:22 | Author: Celia Hoffman
Toyota has been forging alliances with domestic rivals in an effort to boost competitiveness. The plant is structured to build 170,000 vehicles a year but has built as many as 190,000.
Also Friday, Toyota - which lost its crown as the world's top-selling automaker in 2016 to German giant Volkswagen - said its latest quarterly net profit jumped 11 percent to $5.6 billion with vehicle sales up in Japan and the U.S., while it also lifted its annual earnings forecast. Corolla production also is done at a plant in Canada.
Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, sold 2.2 million vehicles for the quarter, an improvement of 42,000 vehicles on-year.
The two firms are also planning a joint venture to build a shared $1.6bn (£1.22bn) factory in the USA with the capacity to produce 300,000 cars per year. Toyota also has plants in Indiana, Kentucky and Texas.
The site of the new $1.6 billion U.S. factory is yet to be determined, but it's planned to be an equal venture between Mazda and Toyota. Toyota is racing to keep up with shifts in technology and consumer tastes. But because the new plant will build the Corolla, chances are it will be located near Toyota's current Corolla plant in MS to be close to parts supply companies. It is expected to create up to 4,000 jobs.
"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", Toyota said in a statement issued by its USA operations.
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Toyota had previously planned to build the new Corolla at a proposed factory in Mexico. There will be no substantial impact on Toyota's investment and employment plan there.
Toyota will acquire about 5 percent in Mazda, which will hold a 0.25 percent in the bigger automaker in a capital tie-up, according to a Japanese regulatory filing.
The electric vehicles cooperation, meanwhile, comes as the tightening of global emissions regulations prompts more automakers to develop battery powered cars, as the industry struggles with hefty research costs and intense competition from technology companies over technology like self-driving cars. That came together with today's announcement.
Toyota President and CEO Akio Toyoda speaks in Tokyo, March 13, 2015.
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The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website . (GM Financial). Zacks Investment Research cut Ford Motor from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 29th.
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