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Toyota said to be moving much of Torrance headquarters to Texas
The
automaker employees more than 5,300 people at its Southern California
facilities. An announcement is expected today after management meets
with staff.
Published: April 27, 2014 Updated: April 28, 2014 9:01 a.m.
BRET HARTMAN, THE ASSOCIATED PRESS
Toyota Motor Corp. is moving substantial parts of its U.S. headquarters in Torrance to suburban Dallas as the world’s largest automaker seeks savings from its U.S. sales unit, said people familiar with the matter.
Employees will be informed of the plan Monday, said the sources, who asked not to be identified as disclosing private conversations. Steve Curtis, a Toyota spokesman, didn’t immediately return a call on the matter.
The surprise move is a blow to the Golden State, the biggest U.S. auto market and proponent of the strictest clean-air rules. Toyota’s Prius hybrid has been California’s top-selling model for the past two years and helped secure a leading 22 percent market share. It also represents a victory for Texas Gov. Rick Perry, who’s made repeated visits to California to lure businesses to his state with promises of lower taxes and easier regulations.
Toyota has more than 5,300 employees in California, most at its Torrance campus in sales, finance, marketing, engineering and product planning. The company also operates a manufacturing plant in Long Beach. Details on which functions will move and when might be announced as soon as Monday after the employee meeting. When Nissan Motor Co. moved its North American headquarters to lower-cost Tennessee in 2006, only 42 percent of employees initially chose to relocate.
Toyota may base its new regional sales headquarters near Plano, Texas, said three of the people who asked not to be named as the plan isn’t yet public. The majority of Toyota’s Torrance operations may move to Texas over a two-year period, the sources said.
TEXAS DRIVE
Lucy Nashed and Felix Browne, spokesmen for Perry, didn’t respond to e-mails.
Perry, in his final year as governor, began airing radio commercials in California during his March swing through the state that highlighted its high taxes.
“A year ago, I was here, in California, encouraging companies to look to Texas for expansion and relocation,” he said in the ad, paid for by a group called Americans for Economic Freedom, a 501(c) non-profit launched by Perry in September. “Over the past year and a half, more than 50 California companies have announced plans to expand or relocate in Texas, creating more than 14,000 jobs.”
While Texas is home to Toyota’s pickup truck plant in San Antonio and a General Motors Co. factory in Arlington, the state traditionally has not been a center of auto industry activity.
SINCE EISENHOWER
Toyota’s decision to downsize in California where it established operations in 1957 comes as the company expects to report a record $18.9 billion of net income when it releases fiscal year results next month. Along with rising sales in North America and other international markets, Toyota’s earnings this year are benefiting from a decline in the value of the yen, which surged in 2011.
Since the Toyota City, Japan-based company made that forecast, it agreed to a $1.2 billion fine to settle a Justice Department investigation into how it delayed recalling popular models after complaints of unintended acceleration.
U.S. sales for Toyota last year totaled 2.24 million cars and light trucks, off a record 2.62 million in 2007. Combined sales for the automaker’s three brands fell 1.6 percent to 520,997 in the year’s first three months.
Toyota Motor Sales USA and Toyota Financial Services, based in Torrance, have more than 9,400 U.S. employees. Torrance is home to Toyota’s Lexus and Scion lines, as well as its namesake brand.
Additional Toyota units in Torrance include parts and logistics operations to support dealers. The company’s Toyota University training center is nearby.
AUTO CENTER
Southern California rivals Michigan as a U.S. automotive center. While it lacks large-scale vehicle manufacturing, the region has U.S. sales and marketing headquarters for Honda Motor Co., Hyundai Motor Co., Kia Motors Corp., Mazda Motor Corp. and Mitsubishi Motors Corp., along with Toyota. It is also the nation’s top automotive design center with 14 major studios, the largest concentration in the U.S.
Toyota Financial Services, the biggest auto finance company in the U.S., and Honda’s American Honda Finance Co. also in Torrance, makes the region a hub of lending and loans for dealers and car buyers.
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