IncSmart Tennessee (Small Business and Startups) - Tennessee may benefit from a joint investment of Toyota and Mazda new assembly plant. Toyota Motor Corp and Mazda Motor Corp plan to spend $1.6 billion in a joint venture auto manufacturing plant in the US. The production capacity of 300,000 vehicles. The plant is scheduled to begin operations by 2021. Toyota will acquire 5.05 percent stake in Mazda. Mazda will acquire .25 percent stake in Toyota.
The new US assembly plant will boost manufacturing and expand employment for America by creating 4,000 jobs in the auto industry. President Donald Trump had criticized Toyota for taking auto production and jobs to Mexico. Investments in the U.S. are a top priority for the Trump administration. Tennessee jobless rate is the lowest in history. Tennessee’s unemployment rate for June 2017 was 3.6 percent.
By IncSmart Staff Writer
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