FTC puts new conditions on GM-Toyota venture
The Federal Trade Commission (FTC) has imposed new conditions on a proposed small-car venture between Toyota and General Motors and delayed consideration of the plan.
The FTC notified both companies that its session scheduled for Tuesday had been canceled.
The commission has proposed a 60-day period for public comment on their plan to build cars at GM's idled plant in Fremont, Calif. The agreement would also limit production to 200,000 small cars annually for 12 years and restrain the sharing of data that would harm competition.
Both Toyota and GM oppose the period for public comment because it would give Ford and Chrysler an opportunity to renew their objections that the plan would give GM a competitive advantage. The two US competitors have threatened legal action if the venture goes ahead.