Toyota Motor Corp and Mazda Motor Corp said on Thursday they will invest $2.3 billion in a new joint venture factory in Alabama, $830 million more than announced in their original plan in 2018.
) said on Thursday they will invest $2.3 billion in a new joint venture factory in Alabama, $830 million more than announced in their original plan in 2018.
Production is expected to start next year building up to 150,000 future Mazda crossover vehicles and 150,000 Toyota sport utility vehicles annually. The Japanese automakers are expected to receive $97 million in additional tax incentives for the added investment, a person briefed on the matter said. The companies said the higher investment “accommodates production line enhancements made to improve manufacturing processes.”
“Mazda and Toyota’s increased commitment to the development of this manufacturing plant reiterates their belief in the future of manufacturing in America and the potential for the state of Alabama to be an economic leader in the wake of unprecedented economic change,” Alabama Governor Kay Ivey said in a statement.
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