GM Seeking Help From Toyota (TM)? CNBC Says No

Would it be a national shame? A wire headline from Kyodo News says that GM (GM) is looking to rival Toyota (TM) for help in turning itself around. No details yet, and it could be totally rubbish. Perhaps it’s a negotiating tactic with the government — Don’t help us out and we’ll run to the Japanese.

Bear in mind this wouldn’t be a totally new thing. GM and Toyota actually have a longstanding partnership that started in the 60s. New United Motor Manufacturing Inc. is a JV between the two companies based in California. And Toyota has expressed concern in the past that a failing GM could lead to US protectionism. Talk of a more formal alliance between GM and Toyota were also talked about back in 2006.

Update: A GM spokesperson told Reuters that the company has “no comment” on the report, but then the company commented that GM has talks with other auto manufacturers all the time.

And now CNBC’s ace auto reporter Phil Lebeau says it’s not true. GM’s Rick Wagoner has no plans to travel to Japan for a deal.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at

Tagged In

cars clusterstock-us