CEO: Drawing Toyota to Texas Worth $40 Million Subsidy
When Toyota announced in early 2014 that it was moving its North American headquarters from Torrance, Calif., to Plano, the business story was quickly overtaken by a political one: Did Texas get ripped off?
While then-Gov. Rick Perry had agreed to a $40 million incentive deal, news that North Carolina had offered more than $100 million raised questions about whether the public subsidies even factored into the company’s decision.
During a wide-ranging on-stage interview Thursday with The Texas Tribune’s Evan Smith, Toyota CEO Jim Lentz tried to put the incentives in context.
“While that’s a lot of money, it pales in comparison to the in excess of $1 billion that I’m investing just in this campus by getting all the people here,” Lentz said at an event hosted by the Austin Economic Club. “The way I look at it is, we both have skin in the game. Texas now has an interest in Toyota and we now have a big interest in Texas.”
Read more: http://www.texastribune.org/2015/10/01/toyota-ceo-move-texas-worth-40-million-subsidy/
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