Toyota and Mazda to team-up in the US to develop EV technology

Toyota and Mazda have signed an agreement which will see a joint venture in the development of electric vehicle technology.

The companies have agreed to jointly produce vehicles in the United States, develop technologies for electric vehicles, and develop connected- car technology.

In addition to this, the two firms aim to collaborate on advanced safety technologies and to expand complementary products.

In the capital tie-up, the two companies have agreed that Toyota will subscribe for and acquire shares to be newly issued by Mazda through a third-party allotment, and at the same time Mazda will subscribe for and acquire third-party allocation shares of treasury stock disposed of by Toyota in the equivalent amount in value to the Mazda shares.

Representing Mazda, president and CEO Masamichi Kogai said: “Nothing would please me more than if, through this alliance, we can help to energize the auto industry and create more car fans by bringing together two competitive spirits to spur each other on, leading to innovations and fostering talent and leaders.”