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Toyota's Texas move could boost state's economy by $7.2B in 10 years

They say everything is bigger in Texas, and apparently that includes the Toyota's effect on the economy. The giant Japanese automaker's new headquarters in Plano, TX, will add an estimated $7.2 billion to the state over the next 10 years, according to a new study commissioned by the city and cited by Bloomberg.
The benefits appear to be an absolute steal compared to the direct incentives that Plano and the state are giving Toyota. The report finds that by the time the automaker's campus is complete in 2018, it could have 3,650 full-time workers there at an average salary of $104,000. The city has prepared $6.75 million in grants, plus property tax discounts, according to Bloomberg. In addition to that, the state is offering the business $40 million in incentives from its Texas Enterprise Fund. This is still a fraction of what Toyota is estimated to bring in.
Toyota announced in April that it would move its US operations to Plano after being headquartered in California since 1957. The move affects thousands of employees from the sales and engineering divisions. The first workers will arrive there this fall, but Toyota will eventually have a whole campus in Plano by late 2017. The move is expected to save it huge amounts in taxation and offer employees a lower cost of living. Toyota North America CEO Jim Lentz also says that the Texas location puts the headquarters closer to more of the business' factories in the south. Texas certainly appears to be showing it some southern hospitality.

Toyota reveals cause of heartbreaking failure at Le Mans

Toyota was set to become only the second Japanese automaker to win the grueling 24 Hours of Le Mans endurance race. But on the last lap, the No. 5 TS 050 car, which was being driven by Kazuki Nakajima, suffered a technical issue that resulted in a sudden loss of power. In a team statement, Toyota Gazoo Racing has revealed that the culprit was a "defect on a connector on the air line between the turbocharger and the intercooler." The defective air line connector, according to the statement, resulted in a loss of control over the turbocharger. The team isn't sure why the connector failed and is continuing to analyze the component to get down to the root cause, the team said in the statement. During the race, the team was able to get the No. 5 car running again by modifying the control settings. The fix, however, came a little too late as the vehicle could not complete the lap under Le Mans' maximum final lap time of six minutes and limped its way to 45th place. While the team is working hard to find the fix – to avoid a similar type of failure in the future – it claims there is no relation to the engine issues that were experienced by the two TS 050 cars at Spa during the World Endurance Championship in May. You can read Toyota Gazoo Racing's full statement here. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: JEAN-SEBASTIEN EVRARD via Getty Images Motorsports Porsche Toyota Racing Vehicles le mans 24 hours

Toyota found not at fault in alleged unintended acceleration crash

Toyota has already paid out millions and billions of dollars in settlements surrounding unintended acceleration, but the first lawsuit in the matter, which headed to a California court in July, has reached a verdict. Following the 2009 death of Noriko Uno, whose 2006 Camry was hit by another car and then sped out of control before crashing into a tree, the jury found that Toyota was not at fault in the crash.
Even though the 2006 Camry (shown above) wasn't involved in any of the unintended acceleration-related recalls and it was not equipped with a brake override, Automotive News reports that the jury's verdict says there was no defect in the car and actually blames the entire incident on the driver that ran into Uno's car - to the tune of $10 million. The accident started when the other driver ran a stop sign and hit Uno's car, and the report says that medical conditions (including diabetes) caused Uno to fail to stop her Camry.
The AN article also states that this lawsuit was a bellwether case for around 85 other personal-injury and wrongful-death suits against Toyota, but there are still many impending suits across the country. Scroll down for an official statement on this particular case from Toyota.