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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.

Lexus planning a hydrogen fuel-cell LS by 2017

Toyota's Fuel Cell System will certainly migrate to other vehicles in the carmaker's lineup, but Australian car site Motoring reports that one of the models at the head of the queue is the Lexus LS. According to its sources, the executive barge powered by hydrogen will be released by 2017 and take the top spot in the range, rolling in above the LS Hybrid. We're told that Toyota engineers will find a way to slide two hydrogen tanks into its bodywork with the same general setup as on the Mirai – one under the rear seats and another under the rear parcel shelf. The 150-kW fuel cell stack will be placed under the front seats. Motoring says the resulting sedan and its 220-kW electric motor would come in "at around 2,100 kg," which is 4,620 pounds; that's a ginormous 539 pounds less than the listed curb weight of the current LS Hybrid, and 387 pounds more than the standard LS. Assuming all goes as planned, it would have a range of roughly 238 miles, a few dozens less than the Mirai's range of about 300 miles. It would look slightly different, too, the front end getting larger intakes to cool the power unit. It wouldn't surprise us if Lexus does have a hydrogen LS planned – it would be a statement car, and the company likes making statements, even if few heed them; it has stuck with its LS 600h for the past seven years, yet of the 7,539 LS models sold through the end of November this year, only 61 of them were hybrids. The timing would be intriguing, however; by the time the LS hybrid came out, Lexus had already worked over its filet-and-potatoes models. And if the hydrogen version is going to come in above the $120,440 hybrid, well, that will be a statement indeed.

China sticking to its guns on EVs for the future

Automakers are obviously free to develop whatever next-gen, zero-emissions tech that they want. However, if a company wants to get on the good side of the Chinese government, that strategy better include some plug-in vehicles. The authorities there are lending major support to plug-ins at the moment, and its forcing the auto industry to play along. According to Bloomberg, Toyota, Volkswagen, Hyundai, and BMW are all launching dedicated EV brands with their joint venture partners, and as many as 40 electric models could hit the Chinese market this year alone. However, analysts don't think the vehicles are going to sell well. Instead, the launches are essentially a way for companies to play nice with the government and help get the approval to build factories in the country. Take Toyota as an example. The company is pushing the future of hydrogen hard with promotional films for the Mirai and engineers talking down fast-charging EVs. Still, the Japanese automaker is getting ready to launch two EV brands in China with its joint venture partners, according to Bloomberg. China's push for alternative fuels has been happening for a while, but it really kicked into high gear last year. The government has set a goal to improve fleet-wide economy by 40 percent by the end of the decade in order to spend less importing oil and for the population's health. The plan has shown some success so far with hybrid and EV sales growing early in 2015. Related Video: News Source: BloombergImage Credit: Kin Cheung / AP Photo Government/Legal Green BMW Hyundai Toyota Volkswagen Green Culture Technology Electric tax incentives chinese government