Toyota said it will take a 5 percent stake in Mazda and the companies will join forces to build a $1.6 billion U.S. assembly plant for electric vehicles.
The plant will begin operation in 2021. The plant’s location hasn’t been made public. The Japanese car companies will produce 300,000 vehicles a year and create 4,000 jobs.
Toyota’s chief executive said in the future mobility won’t only belong to carmakers -- he mentioned companies like Google and Amazon -- so the partnership with Mazda will help them catch up and compete with other companies.