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Toyota May Dissolve California Plant Venture Abandoned by GM

Toyota May Dissolve California Plant Venture Abandoned by GM

 

Bloomberg

By Naoko Fujimura and Tetsuya Komatsu

July 11 (Bloomberg) — Toyota Motor Corp., the world’s largest automaker, may close New United Motor Manufacturing Inc., the California venture abandoned by General Motors Co., as its U.S. sales slump amid the recession.

“We’re considering various options on the plant including whether it’s economically feasible to build cars alone without GM,” the company said in a statement released yesterday. “We regrettably must seriously consider dissolving the venture under the current business environment.”

Toyota’s response came after GM emerged from bankruptcy to become majority-owned by the U.S. government. The Toyota City, Japan-based automaker aims to decide by the end of July whether to become sole operator of New United Motor, also known as Nummi, after GM quit the venture June 29, a person familiar with the plan said earlier this month.

 

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