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Toyota, Mazda get an Alabama welcome for $1.6 billion plant

MONTGOMERY, Ala. — Toyota and Mazda confirmed Wednesday they will build a $1.6 billion joint venture assembly plant in Alabama that will employ up to 4,000 workers, a boost for President Donald Trump who wants automakers to expand U.S. production. Toyota President Akio Toyoda and Mazda President and Chief Executive Officer Masamichi Kogai joined Alabama Gov. Kay Ivey in Montgomery at an event to confirm the decision. "Welcome to sweet home Alabama," Ivey said to the two executives, after saying that the anticipated 4,000 workers at the plant to be built in Huntsville would earn an average of $50,000 a year. The plant will produce 300,000 vehicles a year and should open on a 2,500-acre former cotton field in 2021, about 14 miles from Toyota's engine plant in Huntsville. Toyota plans to build Corolla cars at the plant, while Mazda will build crossover SUVs. "Together, I am confident we will create yet another 'Built in America' success story," Toyoda said. Alabama will provide tax incentives. Officials said the state tax incentives were worth $370 million, but they did not disclose how much the local incentives were worth. Huntsville Mayor Tommy Battle said the plant will "provide jobs for decades to come for Huntsville and Alabama. It vaults Alabama to the top as an industry leader in producing the next generation of cars that will power our nation." Among U.S. states, Alabama is already the fifth largest producer of cars and light trucks. The state has more than 150 major auto suppliers and 57,000 automotive manufacturing jobs. Two decades ago, Alabama spent an estimated $250 million to woo Daimler AG's Mercedes-Benz to put an auto plant in Tuscaloosa, sparking the birth of auto production in the state. In September, Daimler said it would invest $1 billion to expand its Alabama Mercedes-Benz plant to start building electric sport-utility vehicles there from about 2020. Alabama is also home to assembly plants operated by Honda and Hyundai. A Kia assembly plant operates near the Alabama border in Georgia. Mazda and Toyota said they still need approvals and authorization by antitrust agencies for the new joint venture. They announced a capital alliance in August and plans to jointly develop technology for electric vehicles. Trump tweeted in March he wanted "new plants to be built here for cars sold here." Many automakers have announced expansions of facilities or new jobs but no other new U.S. auto plants have been announced. U.S.

Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

Japanese earthquakes send ripples through auto industry

The earthquakes since April 14 in Japan's Kumamoto Prefecture on the island of Kyushu are having aftershocks on the US auto industry, particularly for Toyota. The company shut down most of its factories in the country due to parts shortages, and the plants will be closed at least through April 23. "Decisions regarding recommencement of operation at plants in Japan will be made on the basis of availability of parts," the company said in a statement. According to Automotive News, Toyota's closed factories include a vast range of popular models in the US, including the Toyota Prius, Mirai, RAV4, 4Runner, Land Cruiser, Lexus ES, LS, IS, GS, RC, NX, RX, GX, and LX. The company's only sites in Japan that are still open build Hino trucks, Daihatsu models, and the Toyota Century limo. Toyota isn't yet sure whether these shutdowns could lead to vehicle shortages in the US. "As you can imagine, we are still reviewing the situation and working to learn more," company spokesperson Aaron Fowles told Autoblog. "While we know that production will be suspended in stages at most of our vehicle assembly facilities in Japan between April 18th and the 23rd, we do not know if they will continue production suspensions. Also, any effects to our inventory and/or sales have yet to be determined." He expects the automaker to know more in the coming days. Many of the affected Toyota plants aren't even in Kumamoto Prefecture, but major suppliers have factories in the region. For example, Aisin Seiki and Renesas Electronics both had to shutdown operations at plants in the area, according to Automotive News. Toyota isn't the only automaker affected. Nissan experienced a brief slowdown but was back to work on Monday, and Honda has suspended a motorcycle plant in the region until Friday. Mitsubishi had to close a production line due to the parts shortage, according to The Japan Times, but it didn't affect US models. "A supplier to our Mizushima plant has been impacted but they only supply an engine part for our mini car line. That line has been temporarily shut down due to that situation," spokesperson Alex Fedorak told Autoblog. "That same plant builds the Lancer and i-MiEv and there has been no impact to that line and production continues uninterrupted." Two major quakes hit Kumamoto Prefecture around Kumamoto city in the past week. The first on April 14 measured 6.4 magnitude, and a second on April 16 measured 7.3.