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>> Toyota and Mazda joining forces, announcing their plans, Friday, to build a $1.6 billion plant in the US, with a focus on developing electric vehicle technologies. The news of the plant seen as a boost to US President Donald Trump's campaign promises, to increase manufacturing and expand employment for American autoworkers.
Trump, taking to Twitter to call it a great investment in American manufacturing. Reuters, Tokyo bureau chief, Billy Mallard.>> They're both looking to expand in an incredibly important market, and this is a time when it's politically it may be a good idea to do just that. President Trump is basically saying made in America or else.
>> The new plant set to open in four years aims to hire 4,000 workers who will output 300,000 Toyota Corollas and a new Mazda Crossover SUV every year. With an eye to new emissions regulations in Europe, both companies are looking to collaborate on in car information technologies and automated driving features.
>> Both companies don't wanna miss the boat. They see that electric vehicles are part of the future. It may be a VHS-Betamax moment in terms of the dominant technology. Toyota has been focusing mostly on hybrid vehicles, but this may be an admission that well, electric is the way to go.
>> With plants in Mexico and Japan, the partnership sees Mazda finally getting a foothold in the US market. While Toyota extend its reach, continuing its investment in small arrivals consolidating the Japanese auto market.