Bloomberg reports that Toyota employees were notified yesterday of the move.
The move makes headlines for Texas governor, Rick Perry, who has been luring California’s businesses to Texas on promises of fewer regulations and lower taxes. The lure extends to those looking for jobs with the promise of a living without government dependence.
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.
Business cannot be profitable in California despite the company’s record $1.87 trillion of net income for the fiscal year. North American and international sales have risen for Toyota. The company settled a $1.2 billion fine for unintended acceleration, which the Justice Department imposed and the MSM did its best to sensationalize while demonizing big business.
California is posed to lose other important car maker operations on cue from the Toyota decision. Sales and financial operations of brands including Honda, Kia, Hyundai, Mazda, and Mitsubishi may follow Toyota’s migration to Texas.
Toyota joins big business movers such as Occidental Petroleum and Raytheon out of California.