Toyota denies rumors of giving aid to GM

[jamz]

Filed under: Economy, Hybrids/Alternative, GM, Toyota, Rumormill


Rumors of a meeting between GM CEO Rick Wagoner and top officials from Toyota in Japan has been denied. This shouldn't come as much of a surprise, considering that it's GM's policy not to comment on such matters, but Toyota has no such policy and has also denied that such discussions have or will take place. The Japanese Kyodo News had started the rumors, which specifically suggested that Toyota could offer GM hybrid technology and assistance in the assembly of small cars. That seemed rather odd, especially since GM has its own sophisticated Two-Mode hybrid system that was developed along with Chrysler and BMW. Toyota and GM also already share a factory in California that builds relatively fuel efficient compact cars, so any deal between the two automakers would just be an extension of their current agreements. What's more, General Motors is also in talks with Cerberus to make a major play on Chrysler's automotive operations, so it would seem to be an inopportune time to discuss major deals with other automakers as well.

[Source: Reuters]Toyota denies rumors of giving aid to GM originally appeared on Autoblog on Thu, 30 Oct 2008 14:31:00 EST. Please see our terms for use of feeds.



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