DETROIT: Struggling US auto giant General Motors dismissed a Japanese news report on Wednesday that it has asked rival Toyota for help as "pure spec
ulation."
Japanese news agency Kyodo News, citing sources familiar with the plan, reported that GM "has asked for help by Toyota Motor Corp. in turning around its business."
GM sounded out Toyota on the possibility of Rick Wagoner, the GM chairman and chief executive, meeting with Toyota's leadership in Japan soon, but Toyota declined the offer, Kyodo reported.
GM spokesman Tom Wilkinson, contacted by AFP for comment on the report, said the two companies hold talks "on a regular basis" as part of their joint venture that has operated a manufacturing plant in California for the past 25 years.
Any suggestion that GM and Toyota are preparing to expand their cooperation was strictly speculative, Wilkinson said.
"That's pure speculation," he said.
Earlier Wednesday GM reported its worldwide sales fell 11.4 percent in the third quarter from a year ago to 2.115 million vehicles, leaving the US automaker behind Toyota as the industry leader.
The Detroit giant, struggling in the face of tough economic conditions in North America and fierce competition, remained behind Japanese-based Toyota, which reported sales of 2.236 million vehicles in the quarter.
GM, the longtime global leader, fell behind Toyota in the first quarter of 2008.
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