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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 takes aim at Musk's criticism of hydrogen 'fool cells'

Tesla's Elon Musk has called hydrogen fuel cell cars "a load of rubbish" and "fool cells," and he's nowhere near alone in his disdain for the technology. Toyota has been fighting back waves of condescension for years now, and did so again when Senior VP Bob Carter took the stage at the recent J.D. Power Automotive Summit this month. His target was comments that Musk made at the Automotive News World Congress at the Detroit Auto Show, when Musk said an FCEV was an "extremely silly way" to store energy, that "the best-case hydrogen fuel cell doesn't win against the current-case battery" and that hydrogen's failings will become obvious in the next few years. Carter's response was that the fuel cell initiative isn't about the next few years. "This is not a 24-to-36-month play, but when you start looking into the 2020s," then you can see the necessity of hydrogen fuel cells, which Toyota considers an extension of EV technology, he said. The Toyota Mirai will begin its defense of the FCEV industry in the US later this year. The Hyundai Tucson Fuel Cell is already available in California and Honda's hydrogen car will arrive in 2016. Until then, we can let some more of Carter's words ring in our ears: "If I was in a position where I had all my eggs in one basket," he said of Musk's BEV-only focus, "I would perhaps be making those same comments." News Source: Automotive News - sub. req. Green Tesla Toyota Electric Future Vehicles Hydrogen Cars toyota mirai fcev bob carter

Which car companies are creating new jobs in America?

Since January, automakers have announced investments totaling $9.5 billion in U.S. plants, creating or retaining more than 12,000 jobs. Some of those companies have yet to announce just how many jobs will be created given their investments, with the location of many of those jobs still to be determined. Specifically, the 4,000-job Toyota-Mazda joint venture plant still hasn't announced its location, with numerous states jockeying for it. Hyundai has plans to invest $1 billion but has not announced a jobs number yet. And likewise Ford is investing $1.2 billion in Michigan without specifying a number of jobs. Volvo this week announced plans to add a second line to its factory under construction in South Carolina, spending another $500 million and adding 2,500 jobs to the 2,000 it was already trying to fill. Then Thursday, Daimler announced a $1 billion expansion to its facility in Tuscaloosa, Ala., to produce EV batteries and electric SUVs, a move that will add 600 jobs to its hiring this year. Above, we've created a handy pie chart showing you which companies have announced new jobs and how many there will be. Reporting by Paul Lienert in Detroit News Source: Reuters Plants/Manufacturing BMW Chrysler Ford GM Honda Hyundai Mazda Mercedes-Benz Toyota Volvo jobs