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Image credit: Kim Kyung Hoon / Reuters

Toyota and Mazda will work together to build EVs

They plan to build a $1.6 billion assembly plant in the US.
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Kim Kyung Hoon / Reuters

Recently, Taiwanese electronics company (and Apple supplier) Foxconn announced a Wisconsin-based plant to build TVs, part of a larger $10 billion investment into the US. Now, Japanese companies Toyota Motor Corp and Mazda have an announcement of their own. They're joining forces to build a US assembly plant that will focus on EVs.

The plant will cost $1.6 billion and will produce roughly 300,000 cars per year. It's not clear where in the US it will be located, but it will create jobs for around 4,000 people. Toyota will also take a 5 percent stake in Mazda as a part of the deal.

This partnership is a good move, when you consider how crowded the EV landscape is right now. These days, car companies aren't just competing with one another. They're also competing with electronics companies interested in the EV and self-driving business. It allows the companies to pool their resources and catch up with competitors in EV markets and other areas of developing tech.

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