A $1.6 billion assembly plant may be in the works for Florida.
Toyota Motor Corp. and Mazda Motor Corp. signed an agreement on Aug. 4 to enter a business and capital alliance, with the aim of further strengthening their partnership, according to Toyota’s announcement.
The two companies are looking at 11 states, including Florida, for a new Toyota-Mazda assembly plant that would produce 300,000 units by 2021 for the North American market. At the new plant, Mazda expects to produce cross-over models and Toyota will produce the Corolla.
The other states under consideration for the assembly plant are: Alabama, Kentucky, Illinois, Indiana, Iowa, Michigan, Mississippi, North Carolina, South Carolina and Texas.
Under the new agreement between the two car manufacturing giants, they will work together to:
- Establish a joint venture that produces vehicles in the U.S.
- Jointly develop technologies for electric vehicles
- Develop connected-car technology
- Collaborate on advanced safety technologies
- Expand complementary products
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