The wheels are in motion for the development of a $1.6B U.S.-based assembly plant for Japanese automakers Toyota and Mazda.

The two announced plans Friday to engage in an equally funded joint venture that will produce vehicles in the U.S. The location of the site has yet to be determined but the new plant, which is expected to be in operation by 2021, is expected to drive economic growth by creating approximately 4,000 new jobs and 300,000 vehicles annually, the two companies announced in a release.

The announcement comes on the heels of a statement made by Toyota earlier this year, notifying the public of its intention to invest $10B in U.S. operations over the next five years. It remains unclear whether this newly proposed assembly plant is a part of that initiative.

In addition to the development of the plant, Toyota and Mazda will collaborate in the manufacturing of electric and self-driving cars, as well as advanced safety technologies.

“The greatest fruit of our partnership with Mazda is that we have found a new partner who truly loves cars,” Toyota President Akio Toyoda said in a statement. “This is a partnership in which those who are passionate about cars will work together to make ever-better cars.”