Toyota Motor Corp.'s new Texas Tundra factory will cost at least $430 million more than planned because of rising construction costs and late upgrades in plant technology.
The San Antonio plant, targeted to cost $850 million, will end up at $1.28 billion, the company says. The bill is still being tabulated even though production began Nov. 1.
Costs were inflated by a series of unexpected issues and some changes in plans, says Gary Convis, executive vice president of Toyota Motor Engineering & Manufacturing North America Inc. in Erlanger, Ky. The U.S. subsidiary oversees Toyota's assembly plants.
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