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Toyota and Mazda Set to Invest $1.6 Billion in U.S. Plant; Create 4,000 Jobs

Toyota Motor Co. (TM) will take a stake in rival Mazda Motor Corp. (MZDAY) , the companies confirmed Friday, and jointly invest in a new U.S. production facility that could create 4,000 new jobs.

Japan's Nikkei news organization first reported Friday that Toyota is planning to take a 5% stake in Mazda as part of a previously-stated plan to develop clean-energy and self-driving vehicle technologies. The two groups confirmed the purchase and said they would combine to invest in a U.S. plant under a cooperation agreement the two groups first revealed in May 2015.

"The greatest fruit of our partnership with Mazda is that we have found a new partner who truly loves cars." said Toyota President Akio Toyoda. "It has also sparked Toyota's competitive spirit, increasing our sense of not wanting to be bested by Mazda."

"This is a partnership in which those who are passionate about cars will work together to make ever-better cars. It is also the realization of our desire to never let cars become commodities," he added.

The $1.6 billion facility, when completed in 2021...


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