Toyota Motor Co. (TM) - Get Report will take a stake in rival Mazda Motor Corp. (MZDAY) , the companies confirmed Friday, and jointly invest in a new U.S. production facility that could create 4,000 new jobs.
Japan's Nikkei news organization first reported Friday that Toyota is planning to take a 5% stake in Mazda as part of a previously-stated plan to develop clean-energy and self-driving vehicle technologies. The two groups confirmed the purchase and said they would combine to invest in a U.S. plant under a cooperation agreement the two groups first revealed in May 2015.
"The greatest fruit of our partnership with Mazda is that we have found a new partner who truly loves cars." said Toyota President Akio Toyoda. "It has also sparked Toyota's competitive spirit, increasing our sense of not wanting to be bested by Mazda."
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