Toyota denies interest in a possible GM collaboration

Toyota denies interest in a possible GM collaboration

General Motors is the world’s largest maker of automobiles. However, competitive market scenario has resulted in it considering a possible tie-up with rivals Renault and Nissan.

Market rumors also suggested that Japanese automaker Toyota was also preparing to present a possible collaboration proposal to the company in case its talks with Renault and Nissan fell through.

However, Toyota has now denied such a possibility. The Detroit News quoted an unnamed top Toyota executive saying that the report originally published in Business Week had no truth in it.

He said: “They haven’t approached us, and we haven’t approached them.”

GM had also confirmed that they have not received any such proposal from their rivals in the domestic market and such a report was purely speculative.

Toyota had expressed fears in the past that they might suffer a backlash from the government in the US market if companies like GM and Ford went into bankruptcy.