Toyota: To Consider Liquidation As One Option For JV With GM
11 Juli 2009 - 11:35AM
Dow Jones News
Toyota Motor Corp. (7203.TO) said Saturday that it would
consider liquidation of its California-based auto production joint
venture with General Motors Co.
The comment is the latest by the Japanese auto maker about the
future status of the joint venture called New United Motor
Manufacturing Inc., or Nummi.
"Under the current business environment, we have no way but to
begin full consideration of production at Nummi" including
liquidating or continuing the business operations, said a Toyota
spokesman.
GM said in late June that it will end the venture with Toyota
after the U.S. auto maker decided to discontinue the Pontiac Vibe,
which it currently produces at the venture. Toyota and GM launched
the joint venture in 1984.
At that time, Toyota said only that it plans to continue
building the Corolla and Tacoma at the factory for the time
being.
-By Yoshio Takahashi and Hiroyuki Kachi, Dow Jones Newswires;
813-6895-7562; yoshio.takahshi@dowjones.com;
hiroyuki.kachi@dowjones.com