Sunday, Japanese automaker Toyota Motor Corp. (TM) is reportedly intending to end production at the Fremont, California-based New United Motor Manufacturing, Inc. or NUMMI auto plant by March 2010, which was a joint-venture with General Motors Co. (GMGMQ.PK). The decision on the same is anticipated to be officially announced by the end of the month.
In late June, General Motors decided to end the 25-year productions joint venture with Toyota as part of its new viability plan. GM had said that NUMMI joint venture will not be a part of the New GM as it could not reach a deal on a future product plan on reasonable terms. Pursuant to GM's decision, Toyota indicated on multiple instances that it might also exit the NUMMI venture.
New United Motor Manufacturing, Inc. facility was originally a General Motors plant opened in 1962 and permanently shut down in 1982. GM and Toyota reopened the factory under a equally owned joint venture in 1984 to manufacture vehicles to be sold under both brands. When it reopened for production in 1984, it was the first automotive joint venture plant in the United States.
Toyota reportedly intends to shift production of the Tacoma trucks to its San Antonio, Texas-based light trucks factory, while Corolla sedan production is expected to be shifted to its factory in Ontario, Canada, and a factory in Japan.
The Fremont plant currently employs 4,700 people, and makes Toyota Corolla sedan and Tacoma compact pick-up trucks, and will stop making the GM Pontiac Vibe this month. Meanwhile, the joint-venture was considering making Prius hatchbacks at the plant in June, according to reports. NUMMI sells 60% of its parts to Toyota and 40% to General Motors.
TM closed Friday's regular trading session at $85.75, down $0.14 or 0.16% on a volume of 0.38 million shares, lower than the three-month average volume of 0.59 million shares.
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