DETROIT, Oct 29 (Reuters) - Struggling U.S. automaker General Motors Corp is expected to ask for Japanese rival Toyota Motor Corp's help in turning around its business, Kyodo News reported on Wednesday, citing sources familiar with the plan. GM Chairman and Chief Executive Rick Wagoner is considering visiting Japan soon and meeting with Toyota's leadership to discuss the plan, Kyodo said, citing sources. A GM spokesman was not immediately available for comment. The Kyodo news report said Toyota was expected to consider quick fixes for the cash-strapped GM, including buying up its assets and helping it secure sufficient business funds. The executives of the world's two biggest automakers may also discuss an expanded business partnership, including Toyota making fuel-efficient compact cars for GM and providing hybrid-car technologies to the U.S. carmaker, Kyodo said, citing sources. GM expected to ask Toyota for help-Kyodo report | Deals | Mergers & Acquisitions | Reuters
It was a few years ago that someone posted an article indicating that Toyota needs GM and Ford to be alive and well in the US. This was back when there was talk of Toyota selling more cars than GM. A Toyota source said that if Toyota took the leadership position from GM there could be backlash in North America.
Apparently there's a fine line between grovelling and backlash. Really though, Toyota didn't TAKE anything from GM. GM handed it over.
i could see a partnership in a sense that maybe a long term lease of a GM factory for Toyota to use until GM gets on its feet. this prevents a dumping of assets for pennies on the dollar and also lowers Toyota's startup costs. maybe even a joint major parts factory that Toyota would run to create parts for both manufacturers
GM needs an internal cleansing to survive on long term. I think it has to go almost bankrupt for this to happen. They had the technology of the future before other world automakers did - electric car, but they failed to deliver it to the market. Short term greed prevailed over long term benefit to the company future. It is true, that they are not the only one in doing similar failure - today's financial crisis is result of many people, companies and even governments over the world doing the same. Failing to see long term benefit of doing things the right way over short term profits.
