Japanese automakers Toyota Motor Corp. and Mazda Motor Corp. plan to spend $1.6 billion to jointly build auto manufacturing plant in the U.S. — a move that will create up to 4,000 jobs, both sides said Friday.
The plant will have an annual production capacity of about 300,000 vehicles, and will produce Toyota Corollas as well as a new Mazda crossover vehicle for the North American market.
Toyota wouldn't say where the plant would be built. But because the new plant will build the Corolla, chances are it will be located near Toyota's current Corolla plant in Mississippi to be close to parts supply companies. The companies expect the plant to begin operations by 2021.