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Mazda and Toyota formally announce plans to 'make cars better'

Following Monday's report that Toyota and Mazda could be expanding their cooperation, the two Japanese automakers have made it official, issuing a joint press release announcing a "mutually beneficial long-term partnership" that will "make cars better." The two companies will set up a joint committee to figure out the strengths and weaknesses of each party. As we explained yesterday, that likely means Mazda will benefit from Toyota's plug-in-hybrid and fuel-cell tech, while the world's largest automaker can take advantage of the Zoom-Zoom automaker's line of efficient Skyactiv engines. "I am delighted that our two companies can share the same vision and work together to make cars better. I can think of nothing more wonderful than showing the world – together – that the next 100 years of cars will be just as fun as the first," Toyota President Akio Toyoda said in the attached joint statement. Mazda President and CEO Masamichi Kogai echoed that sentiment, saying: "I hope that by working together to make cars better, we can raise the value of cars in the eyes of consumers while also enhancing the manufacturing capabilities of our home, Hiroshima, and all the communities we are involved in as well." Scroll down for the official joint press release. Toyota and Mazda Team Up to Make Cars Better Tokyo, Japan, May 13, 2015-Toyota Motor Corporation and Mazda Motor Corporation today entered an agreement to build a mutually beneficial long term partnership. By leveraging the resources of both companies to complement and enhance each other's products and technologies, the partnership will result in more appealing cars that meet the diverse needs and tastes of customers all over the world. A joint committee will now be set up to evaluate how best to utilize each company's respective strengths. The committee will encourage broad and meaningful collaboration across a range of fields, including environmental and advanced safety technologies. Marking the agreement, Toyota President Akio Toyoda said: "As evidenced by their SKYACTIV Technologies and KODO-Soul of Motion design, Mazda has proven that it always thinks of what is coming next for vehicles and technology, while still managing to stay true to its basic carmaking roots. In this way, Mazda very much practices what Toyota holds dear: making ever-better cars. I am delighted that our two companies can share the same vision and work together to make cars better.

Which sinister Scion FR-S would you buy?

Look beyond the utility. Look beyond the amenities, the infotainment, the hidden storage cubbies, and the 72-way adjustable seats. Yes, even the seats. Outside all the fluff of today's cars, there's a blank canvas waiting for an artist; cars can really come alive with a few tastefully placed modifications. These two Scion FR-S sports cars surely fall into that category, and when they both turned up on eBay, we figured we'd ask the question — which would you rather buy? The track-centric red car or the brutally simple black car ? Internet, you be the judge. The "widebody" look — with its outrageous fender flares and visible rivets—isn't for everyone, but this 2013 Scion FR-S happens to pull it off quite well. According to the listing, the pumped-up fenders, splitter, and additional aero bits are courtesy of legendary widebody purveyor Rocket Bunny. Overall, the racy body mods add a significant twinge of aggression to the once docile FR-S... a notion that's echoed underneath the hood. The heady Scion FR-S leverages an HKS supercharger system and exhaust, paired with a set of Buddy Club racing coilover shocks, Bee-R wheels wrapped in Yokohama ADVAN rubber, and a new engine management system. All in all, this looks to be one fierce track and street monster. RELATED: Check Out This Wild Toyota GT86 Wagon Concept But whereas the red car is a shout, the black car is a growl. Confident, powerful, yet restrained. The black 2013 Scion FR-S sports a sultry Varis Arising 2 body kit with carbon fiber accents lining its front lip and boot lid, as well as a brilliant set of projector headlights and Tom's taillights. The icing on the cake is the set of Work M1R gunmetal grey wheels, which come fitted with Michelin Pilot Super Sport tires. There's no supercharger in play here, but the Scion's 2.0-liter boxer engine does breathe a bit easer thanks new ceramic coated exhaust headers and a high-flow catalytic converter. It can also handle a bit better too, courtesy of sporty Cusco Street Zero 3 coilover shocks. If we're honest, both are quite jaw-dropping in their own unique styles. But which do you prefer? Related Video: This article by Zach Doell originally appeared on Boldride.com.

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.