The plant will cost $1.6 billion and will produce roughly 300,000 cars per year. It's not clear where in the US it will be located, but it will create jobs for around 4,000 people. Toyota will also take a 5 percent stake in Mazda as a part of the deal.

This partnership is a good move, when you consider how crowded the EV landscape is right now. These days, car companies aren't just competing with one another. They're also competing with electronics companies interested in the EV and self-driving business. It allows the companies to pool their resources and catch up with competitors in EV markets and other areas of developing tech.