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The project was hailed as a major economic development project for the state by Gov. Jennifer Granholm, even as Toyota and the automotive industry faces the most difficult conditions since at least the early 1990s.
"It is this celebration of investment and jobs in Michigan that we are here to raise a glass to," Granholm said this morning. "These are tough times in the industry, but we also know that the vehicle as a product and its evolution is all going to happen right here in Michigan."
Toyota's 700-acre technical center is at the northwest corner of U.S.-23 and Willis Road in York Township. The building, which houses about 500 employees, is Toyota's primary research and development center in North America.
Toyota will continue to occupy its research and development campus in Ann Arbor Township and plans to employ 1,100 in the region by 2010.
Yasuhiko Ichihashi, senior managing director of Toyota Motor Corp., said that in the past, Toyota's Technical Center has played a key role in the development of the Toyota Tundra, Toyota Venza and the Toyota Camry Solara.
In the future, Ichihashi said, the center's role will expand with its increased capabilities and new building.
But while Toyota executives and Michigan economic officials celebrated today, these are tough times, even for Toyota.
In September, Toyota's sales plunged 32.3% in the Untied States as industry sales sank 26.6%.
And last Thursday, Toyota unveiled a 0% interest rate on eleven 2008 and 2009 Toyota-brand models for up to five years, including Camry and Corolla, its two top sellers. The move was unprecedented for Toyota, which is usually reluctant to rely on large, across-the-board incentive programs.
Jim Lentz, president of Toyota Motor Sales USA, said it's too early to tell if the 0% financing program is going to be effective in October.
Lentz said Toyota is not having difficulty getting loans and leases approved by banks for its customers. But it is having a hard time generating showroom traffic.
"In our case, credit is not the problem," Lentz said. "I think in our case, the biggest problem is consumer confidence."
Lentz said the high oil and gas prices of the spring and summer, combined with the subprime lending crisis and the possibility of a recession, have created the toughest industry conditions in at least 16 years.
"This one may be a little bit more complex than what we saw in the early 1990s," Lentz said. "We are in the middle of a storm right now. We don't know when that storm will end."
Contact BRENT SNAVELY at bsnavely@freepress.com or 313-222-6512.
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