GM cuts Toyota ties in US joint venture
Unable to reach agreement on auto plant operated jointly since 1983. Pontiac Vibe to go out of production in August.
DETROIT (Reuters) -- General Motors Corp. Monday cut its operational ties to a northern California auto plant it has operated in a joint-venture with Toyota Motor Corp. since 1983.
GM (GMGMQ), which has been operating in a U.S. government-sponsored bankruptcy since the start of the month, said it had been unable to reach an agreement with Toyota (TM) on a new production plan for the Fremont, Calif. plant.
"After extensive analysis, GM and Toyota could not reach an agreement on a future product plan that made sense for all parties," GM said in a written statement.
GM and Toyota have been 50-50 partners in the joint-venture plant commonly known by its acronym NUMMI for the New United Motor Manufacturing Inc.
The Pontiac Vibe -- the only GM vehicle built at the plant -- will go out of production in August. Toyota uses the plant to build the Corolla sedan and the Tacoma compact pickup truck. 
-
These 5 cities have the fastest-growing foreclosure rates. And they're not the usual suspects. More -
Now you can get the $8,000 credit through June 2010 -- or $6,500 if you're not a first-time buyer. More -
Home prices are forecast to plummet, but these 7 cities are predicted to post gains. More -
Home prices have grown in the beer-guzzling heartland and fell in the wine-sipping coastal states. More -
Investors think Detroit's foreclosed houses are a deal. Would you buy this one for $6,900? More -
Economic growth, affordable wages -- these spots have what entrepreneurs need to thrive. More
