Monday, June 29, 2009
General Motors Corp. says it is ending its joint venture with Toyota at a Fremont, Calif., manufacturing plant after the two automakers failed to reach an agreement on a new product there.
New United Motor Manufacturing Inc., or Nummi, produces the Pontiac Vibe for GM and the Corolla and Tacoma for Toyota. But GM is phasing out Pontiac and had been in discussions with Toyota about the plant's future.
GM says it was unable to reach an agreement with Toyota on a new product for the plant and says its stake in Nummi will become part of the "Old GM" that will be sold off during its bankruptcy process.
A bankruptcy court is scheduled to rule Tuesday on GM's proposed sale to a new company majority-owned by the U.S. government.