TOKYO (AP) — Japanese automakers Toyota Motor Corp. and Mazda Motor Corp. are partnering in electric vehicles with a deal that may lead to setting up an assembly plant in the U.S.
The Japanese Nikkei business daily reported Friday the agreement will include working toward setting up a U.S. joint-venture plant and cooperation on electric vehicle technology.
Toyota said in a statement that it plans to propose to its board a partnership with Mazda. It gave no further details.
A person briefed on the matter, who did not want to be identified because an official announcement hasn't been made, confirmed the partnership, but no details.
President Donald Trump has been urging Toyota and other Japanese automakers to invest and build more vehicles in the U.S. EVs have become an increasingly competitive market segment.