The supplier issue is one of Toyota's biggest concerns now. Another is the possible damage to the US economy and, by extension consumer spending, if GM fails.
Exec says Toyota prepared for GM bankruptcyNEW YORK (AP) -- A top Toyota executive says the automaker is prepared to deal with a possible bankruptcy filing by rival General Motors.
Toyota Motor Sales USA President Jim Lentz says his company shares about two-thirds of its 500 parts suppliers with GM, which is facing the possibility of a bankruptcy. Lentz made the remarks Wednesday at the New York International Auto Show.
Lentz says only a small number of Toyota suppliers are critically short on cash. Analysts fear that an automaker bankruptcy would take down parts suppliers and disrupt production industrywide.
Lentz says the $5 billion parts supplier bailout by the Obama administration will help preserve the supply base. The Tokyo-based automaker builds cars in the U.S. in Kentucky, Indiana and Texas.
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