TOKYO - Toyota Motor Corp. and Mazda Motor Corp. announced on Friday that they will enter a business and capital alliance to jointly develop electric vehicles. Toyota will obtain a 5.05 per cent stake in Mazda while Mazda will gain a 0.25 per cent stake in Toyota. The plant, with an estimated annual production capacity of about 300,000 units, will require a total investment of about $1.6 billion. By cooperating with Mazda, which is strong in the production of sport-utility vehicles, Toyota intends to catch up. Meanwhile, Mazda, which has developed its original fuel-saving technology, has been behind in the field of electric vehicles.

Source: The China Post August 05, 2017 03:56 UTC