GM is set to end its 25-year US partnership with Toyota, as it leaves behind some of its assets in the bankruptcy court.
The two car giants have a 50 per cent stake each in New United Motor Manufacturing Inc (NUMMI) based in California. GM produces the Pontiac Vibe at the factory, while Toyota builds Corolla and Tacoma models there.
GM is due in bankruptcy court today in attempt to sell off it best assets to a new GM funded by the Obama administration. The Toyota venture is one asset which will not be taken on by new GM.
Troy Clarke, GM’s president of North American operations, said: “After extensive analysis, GM and Toyota could not reach an agreement on a future product plan that made sense for all parties.
“NUMMI will end production of vehicles for GM in August, and there are no future GM vehicles planned for the joint venture at this time.”
A Toyota statement said the Japanese firm was disappointed that the venture had ended and that it had wanted to keep it going.
“While we respect this decision by GM, the economic and business environment surrounding Toyota is also extremely severe, and so this decision by GM makes the situation even more difficult for Toyota. We will consider alternatives by taking into account various factors,”
the statement said.
Reports in the US have said a GM-badged Toyota Prius is an option for filling the extra capacity in the NUMMI factory, with GM CEO Fritz Henderson and Toyota president Akio Toyoda set to discuss the plan in August.
Toyota could also consider producing the third-generation Prius there itself to keep up with strong demand for the hybrid car.
VIDEO: Citroen GT Supercar Live from the Streets of London
What was originally designed by Takumi Yamamoto as a fantasy supercar for the digital world of the Gran Turismo racing game has not only turned into a real life concept car, but odds are that it will make it into a limited series production. Recently, Citroen gave Londoners the chance to see the GT supercar on the road ahead of its scheduled run at next weekend’s Goodwood Festival of Speed. We’re still not sure what engine could power the production version though word has is that it may be a Ford or a GM derived V8. Follow the jump to watch the video.
Less than 24 hours after a handful of images leaked, our spy photographers have managed to catch Lamborghini’s upcoming Gallardo LP550-2 outside of Germany’s famous Nürburgring.
Essentially a slightly revised rear-wheel drive version of Lamborghini’s stunning all-wheel drive LP560-4, the Gallardo LP550-2 features new front and rear bumpers as well as a redesigned rear diffuser which creates additional downforce for added grip.
As the name change implies, the LP550-2 has been detuned to produce 550hp (405kW) instead of the LP560-4’s 560hp (412kW). Despite this minor annoyance, the removal of the all-wheel drive system means the LP550-2 weighs 30kg (66 lbs) less which allows it to rocket from 0-100 km/h in just 3.9 seconds.
Besides losing weight, the transformation from LP560-4 to LP550-2 should knock nearly 10% off the Gallardo’s massive sticker price. Unfortunately production will be limited to 250 units, so potential owners should act quickly.
Citroen has decided to put the GT supercar concept into limited production, according to senior inside sources.
The project was believed to have been given the green light last week by the company’s product boss Vincent Besson.
However, only six Citroen GTs will be made, all with a price tag believed to be around £1.1 million pounds.
Designed by Takumi Yamamoto, the concept was originally built to tie in with the Gran Turismo 5 Playstation game.
However a senior Citroen source said that most of the concept’s features should make the final production version, including the carbon-fibre construction and eccentric interior details such as the copper trim.
One question mark remaining though is what motor the mid-engined GT will be powered by.
Besson has already admitted that it will either be a Ford or GM V8, with at least 500bhp, possibly allied to a paddle-shift manual ‘box.
The engine source and final technical details are likely to be announced when the final production version is revealed at the Frankfurt motor show in September.
Lamborghini Gallardo LP550-2 pictures have leaked on to the web ahead of its official unveiling.
The pictures have been confirmed by company sources as genuine.
The car will mark a major departure for Lamborghini, as it will abandon four-wheel-drive in favour of rear-wheel-drive.
Naming convention means the Lamborghini Gallardo LP550-2 will be powered by a 550hp (542bhp) V10, with the engine having been retuned to cope with rear-wheel-drive.
Unconfirmed details include a 0-62mph time of 3.9secs and that the car is 30kg lighter than its four-wheel-drive equivalent.
Reports also suggest just 250 Lamborghini Gallardo LP550-2s will be sold, with buyers getting a choice of eight different body colours. Prices are rumoured to be starting from around £135,000 – ten per cent less than the four-wheel drive car.
September 11 2009 could be the date on which Fernando Alonso is revealed as a Ferrari driver for the next five formula one seasons.The Spanish newspaper Diario AS claims that the sport’s best-known secret may already be scheduled for official confirmation on the Friday of the Italian grand prix at Monza.The report believes Ferrari has not decided which of the team’s contracted 2010 drivers, Felipe Massa or Kimi Raikkonen, will be ushered aside to make room for the former double world champion, who currently races for Renault.AS said Ferrari intends to hold its major end-of-season event at Valencia in November, not only to welcome Alonso, 27, to the team, but also its new 2010 Spanish sponsor Santander.The report said Alonso could be the “surprise guest” at the event, but would have to wear casual clothes because of his Renault contract through December 31.
GM is set to end its 25-year US partnership with Toyota, as it leaves behind some of its assets in the bankruptcy court.
Less than 24 hours after a handful of images leaked, our spy photographers have managed to catch Lamborghini’s upcoming Gallardo LP550-2 outside of Germany’s famous Nürburgring.
Citroen GT supercar ‘will be built’
Lamborghini Gallardo LP550-2 pictures have leaked on to the web ahead of its official unveiling.
