GM to abandon California joint venture with Toyota

Posted on Tuesday, June 30th, 2009 at 1:08 PM EDT.

General Motors Corp. said June 29 it plans to emerge from bankruptcy protection without its 25-year-old California joint venture with Toyota Motor Corp., the Automotive News reported.

GM, in a statement, said it will place its 50 percent ownership stake in New United Motor Manufacturing Inc. in the “old GM,” the parts of the company that will remain in bankruptcy after a “new GM” exits court protection, the paper said. GM said earlier this month that production of the Pontiac Vibe at NUMMI would end in August as the Pontiac brand is being eliminated. Toyota builds the Corolla small car and the Tacoma pickup truck at the plant, the Automotive News said.

In a statement, Toyota said it was sorry GM is withdrawing from NUMMI, “ending a long, successful partnership spanning 25 years.” GM’s statement, attributed to North American President Troy Clarke, kept the door open for further ties with Toyota at NUMMI, the story said. (Automotive News)

This entry was posted on Tuesday, June 30th, 2009 at 1:08 PM EDT and is filed under Industry. You can follow any comments to this entry through the RSS 2.0 feed. Comments are currently closed.