Toyota North America CEO Downplays Subsidy As Reason To Move To Plano
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AUSTIN (CBSDFW) A business-friendly environment and low cost of living are among the top reasons Toyota is making the move to Plano.
Toyota North America CEO Jim Lentz told guests of the Austin Economic Club on Thursday the $40-million dollars received from Texas pales in comparison to the one billion dollars they're investing into building the Plano campus.
Lentz says issues like quality of life for employees played a significant role in selecting the North Texas city.
He cited both inexpensive land values and the transportation infrastructure improvements as valuable incentives.
"Part of that quality of life is work-life balance and that's directly tied to commute times. We have people today that are driving two and a half hours each way to work in Southern California" said Lentz.
The commitment from Toyota to bring 4,000 jobs to Texas is part of the $40-million dollar incentive package. Lentz told reporters that he promises they will meet those totals.
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