Toyota Motor Corporation and Mazda Motor Corporation have signed an agreement which will strengthen their existing strategic alliance over the long term.
The agreement represents an important milestone in the consolidation and acceleration of their existing partnership. As a result, the companies will build a new joint manufacturing facility in the U.S. that will assemble vehicles destined for the North American market. As part of the agreement, they will team up to develop advanced technologies for electric and connected vehicles, including the development of safety systems and other initiatives that will improve their respective vehicle lineups.
Back in May 2015, Toyota and Mazda signed an initial sustainable development agreement which focused on hybrid technology and pooling of development and production resources to make their respective product offerings more attractive.
As the automotive industry continues to face enormous challenges (environmental legislation, safety standards, competition from newcomers from other sectors), both Japanese automakers have stated that this partnership will help them consolidate their positions in the competitive environment while helping to ensure sustainable growth.