General Motors Corp will end its partnership with Toyota in a joint partnership, the company announced on Monday.
After extensive analysis, GM and Toyota could not reach an agreement on a future product plan that made sense for all parties, GM said in a released statement, regarding what to do with its ownership stake in New United Motor Manufacturing Inc (NUMMI).
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, GM said in a released statement.
It views the ownership interest in NUMMI as part of the ‘Old GM.'
The company says it remains open to future partnerships of mutual interest with Toyota.