As part of the deal announced Friday, Toyota is acquiring 5% of Mazda, while Mazda is acquiring 0.25% of Toyota.
Toyota spokesman Scott Vazin said the company would continue to make the Corolla at its Mississippi manufacturing plant, as well, with no changes planned there.
But it will locate additional production of the Tacoma mid-size pickup truck at the Mexico factory instead of the Corolla, which had been set to move there from an operation in Ontario, Canada.
The deal marks a symbolically significant shift for Toyota after the company faced withering criticism from President Trump for its plans to locate Corolla production at a new $1 billion factory under construction in the state of Guanajuato in Central Mexico.
The Corolla will be located at the new factory in the U.S., which will be established as a joint venture between Toyota and Mazda and will open by 2021.
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Toyota taught a latest dog old tricks
Toyota has captured the market the Town Car once had, but can the Avalon match the old-money charm of the staple black car?
For decades, the Lincoln Town Car was a staple of every airport and city center, forming the backbone of livery fleets nationwide.
In its place, Lincoln offered a new Town Car based on the MKT SUV.
It still dominated fleets when Ford signed its death warrant in 2011.
Looking like the 1950s version of a hearse from the future, it never caught on: Instead, drivers started buying Toyota Avalons, which are just as affordable, just as comfortable and arguably more reliable than the Town Cars.
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