Toyota and GM to abandon Fremont CA plant.
See all those happy faces in the photo above? They will all be unemployed sooner than later. From the BBC:
The world’s largest carmaker will stop production at the Fremont, California-based New United Motor Manufacturing plant in March 2010.
GM announced earlier this year that it would withdraw from the venture.
Toyota said: “Over the mid to long-term, it just would not be economically viable to continue production.”
The firm will move production to its other plants in the US and in Japan.
There are also reports circulating that Toyota is closing down a plant in Europe as well as one in Japan for at least a year.
The recession might be shrinking according to Obama and his go-to guy Bernanke, but you couldn’t tell it by looking at Toyota or Nissan’s plans they are making for plant closings this year and in 2010 and 2011.