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Business

Toyota, Mazda sign capital alliance deal

New $1.6bn plant in US could create 4,000 jobs

President of Toyota Akio Toyoda, left, shakes hands with Mazda President and CEO Masamichi Kogai, at a press conference in Tokyo on Aug 4.

TOKYO -- Japanese automakers Toyota Motor and Mazda Motor have signed an agreement on a business and capital alliance, as they look to develop new technologies for electric and self-driving cars.

Under the deal announced Friday, Toyota will take a 5.05% stake in Mazda worth 50 billion yen ($454 million). Mazda will buy Toyota shares of equal value, which translates to a 0.25% stake in Japan's biggest automaker.

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