BUSINESS BRIEFING / AUTOS
TIMES WIRE REPORTS
A top Toyota executive said the automaker’s U.S. operations were prepared to deal with the effects of a possible bankruptcy filing by rival General Motors Corp.
Jim Lentz, president of Toyota Motor Sales USA, said the company’s U.S. factories shared about two-thirds of their 500 major auto-parts suppliers with Detroit’s Big Three automakers. Of that group, about 10 are in “critical need” of cash.
GM has recently said it may file for bankruptcy protection as part of its restructuring plan. Analysts and industry insiders have expressed fear that a bankruptcy by a major automaker would take important auto parts suppliers with it.
Toyota prepared for a GM failure
