Toyota to liquidate joint venture with GM: Reports

TOKYO: Japan's Toyota Motor plans to liquidate its joint venture with General Motors in the US state of California by the end of August, press reports said on Thursday.

GM said last month it would drop its ownership stake in the 25-year-old joint venture, New United Motor Manufacturing Inc, as it restructures its operations under bankruptcy protection.

Toyota has decided that it would be difficult to continue the venture on its own after GM's withdrawal, the business daily Nikkei said on its Internet edition.

The Jiji Press and Kyodo news agencies also reported Toyota's decision to pull out.

Toyota officials were not immediately available to confirm the reports.