Toyota announces 20-year lease renewal with the Port of Long Beach, agrees to pay $240 million

Article by Christian Andrei, on September 8, 2011

Toyota Motor Sales U.S.A. Inc. has entered a $240 million deal with the Port of Long Beach, Calif. for a 20-year lease renewal. The agreement includes some environmental initiatives. This renewal means that Toyota will stay at its Pier B facilities until the end of 2028.

This lease agreement is retroactive to Jan. 1, 2009. Toyota, which became a port tenant in 1981, occupies around 144 acres in the northern portion of the port close to Pier B Street.

Each year, this port handles from 200,000 to 300,000 Toyota, Lexus and Scion units from Japan. Recently, Toyota said that it won’t import additional Camry sedans since it intended to produce all North American-sold Camrys in the U.S. to relieve the adverse impact of the strong Japanese yen on its earnings.

The models that Toyota imports include majority of Lexus models, all the Scion models, the Toyota Prius, 4Runner, Yaris and a big share of RAV4 and Corolla units.

The latest long-term lease had its signing in 1990 but it expired in 2006. Since then, Toyota had been on interim leases, according to the Port of Long Beach.

Under the agreement, there will be an annual rent of around $10 million and Toyota would have to invest in cutting air pollution related to operations, such as the use of cleaner fuel by vessels that carry cars.

In addition, by 2014, trucks that move the vehicles away from the terminal have to meet stringent emission standards under the clean trucks program of the port. An energy-efficient design would have to be used if Toyota builds more buildings on site.

Topics: toyota

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they...
by - December 8, 2016
Even when Aston Martin has been mum about the upcoming AM-RB 001 hypercar, Marek Reichman at least has something new to say. In a recent interview with Australia’s Motoring, the...
by - December 8, 2016
The people at Mercedes-Benz are rejoicing. This is simply because for the first time since 1979, Mercedes-Benz has assembled 20,000 – and still counting – examples of the Mercedes-Benz G-Class....
by - December 8, 2016
When Donkervoort Automobielen BV unveiled its Donkervoort D8 GTO-RS limited edition in May 2016, customer interest has been so overwhelming that the Lelystad, Netherlands-based carmaker sold out this one-of-a-kind vehicle...
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries