Mazda Announce New $1.6 Billion Manufacturing Facility In Alabama, Creating 4000 Jobs

13 January, 2018, 05:20 | Author: Brenda Erickson
  • Reports Toyota Mazda plant to be built in Alabama

The plant is expected to employ 4,000 people and produce 300,000 vehicles a year for the two companies when it opens in 2021.

Toyota plans to produce the Corolla at its new assembly plant, while Mazda has said it plans to produce future crossover SUVs in Alabama.

After announcing they meant to build the new plant, Toyota and Mazda officials left it up to states and cities to compete with the best incentives packages.

Reports have said Toyota and Mazda are seeking incentives worth up to $1 billion for the joint venture plant.

Shares of Toyota closed up 2.1 percent higher to ¥7,704, while Mazda gained 0.7 percent to ¥1,583.8 on Wednesday.

Trump tweeted Wednesday night that the announcement was "Good news" for the USA economy.

North America accounted for about a quarter of Toyota's total vehicle sales in 2017, and about 36 percent of revenue.

Construction of a Toyota/Mazda automobile plant in Limestone County is certain to mean job growth for the Shoals, officials say.

Lentz said it makes sense to build Corollas because Toyota needs the volume even in a declining auto market.

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Toyota's 11th manufacturing plant in the United States, and the second in Alabama, will welcome the next generation of the Toyota Corolla to its assembly line.

A Toyota auto plant employee at the automaker's Huntsville engine manufacturing plant.

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The decision - a boon for President Donald Trump's drive to bring investment and jobs to the country - was made based on the state's efficient logistics network and concentration of auto parts makers, among other factors.

Alabama has an existing law that allows economic incentives, such as payroll rebates, for large projects.

USA auto sales declined by 2 percent in 2017, and there is some concern the new plant could exacerbate overcapacity and put pressure on prices. There are also jobs on the outside, like working for more than 150 automotive suppliers in the state.

The Japanese automakers, who announced in August that they would build a new US plant together, have selected Huntsville, Alabama, as its location, Reuters reported.

Canfield said the state first learned of the project about a year ago, but he only felt sure the plant was coming to Alabama until about four days ago.

When Volkswagen made a decision to add 2,000 jobs at its plant in Chattanooga, Tenn., in 2015, a University of Tennessee study found the expansion created 9,800 other jobs in the region.

The joint venture will receive roughly $380 million in incentives from the state of Alabama, including a jobs credit of $90.6 million and an investment credit of $210 million over 10 years, according to a release from the Alabama Department of Commerce. Its U.S. sales fell 2.8% past year to 289,470.

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