US: Toyota joins GM in saying no to Fiat Chrysler merger

Toyota US CEO Jim Lentz on Thursday said the Japanese automaker has not been contacted by Fiat Chrysler Automobiles NV about potential mergers, and is not interested in consolidation with other automakers.

“It’s something we would not be interested in,” Lentz told reporters in a roundtable ahead of a groundbreaking at the Toyota Technical Center. “At 10 million we have enough scale right now to do what we need to do. There really would be no advantage for us.”

FCA CEO Sergio Marchionne has pushed hard recently for consolidation in the industry, reaching out via email to General Motors Co. CEO Mary Barra to ask about merging. Lentz said he doesn’t see the benefits, especially after Ford Motor Co. avoided bankruptcy by shedding excess brands like Volvo, Land Rover, Jaguar and Aston Martin and focusing on a simplified product portfolio.

“To me, a large OEM today taking on Chrysler is contrary to what was very successful for Ford,” Lentz said. “FCA has a very strong Jeep brand, and especially today with fuel prices, it’s a great brand to have … but it really isn’t a fit for what we need at Toyota.”

Full content: Bloomberg

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