Saturday, 25 November, 2017

Alabama, North Carolina Finalists for New Toyota/Mazda Plant

Report: NC a finalist for Toyota-Mazda car plant Multiple reports: Randolph megasite a finalist for Toyota-Mazda plant
Theresa Hayes | 15 November, 2017, 12:13

In October, Toyota reduced the size of its initial investment in a new plant in Mexico.

North Carolina has tried for years to land an auto plant, creating four "mega-sites" ready to accommodate a large manufacturing operation and expanding state incentive funds to provide more money to lure "transformative projects".

The chances for Alabama to be the new home of a $1.6 billion joint vehicle factory appear to be increasing, according to a new report.

The two finalists appear to be Alabama and North Carolina, according to multiple news reports.

As previously reported, the company Toyota will produce at the new plant sedan Toyota Corolla, while Mazda has not yet decided on the model line, but plans to give preference to crossovers.

Toyota and Mazda are pressing for an incentive package valued at $1 billion or more for the factory that is such a hotly contested prize.

While Toyota has facilities in Texas and Alabama, only Alabama survived the cut.

According to a formal announcement earlier this year by the two companies, their alliance will be far reaching and will see Toyota acquire a 5% stake in Mazda, the smaller maker taking a stake in its new partner, as well.

CBS North Carolina will update this story as it develops. Mazda, which imports all the models it sells in the US, plans to produce crossovers alongside Toyota Corolla compact cars at the new plant. Toyota will began producing a new "two-box van" for sale by Mazda in Japan.