Japanese automakers Toyota Motor Corp. and Mazda Motor Corp. said Friday they plan to spend $1.6 billion to set up a joint-venture auto manufacturing plant in the U.S. — a move that may create up to 4,000 jobs.
The plant is to have an annual production capacity of about 300,000 vehicles, and produce Toyota Corollas for the North American market. Mazda will make crossover models there that it plans to introduce to that market, both sides said.
The companies will split the cost for the plant equally. It was unclear which state the companies had chosen for the plant, which the two entities said could be operable by 2021.
Toyota said that it changed its plan to make Corollas...