More commentary: Other industry players: Honda Motor Co. (NYSE:HMC), DaimlerChrysler (DCX), Ford Motor Co. (NYSE:F), Volvo (VOLV).
Summary: According to Renault EVP Patrick Pelata, General Motors (NYSE:GM) has been dragging its feet in negotiations with Nissan (OTCPK:NSANY) and Renault to build an answer to Toyota (NYSE:TM). Kirk Kerkorian, 9.9% shareholder in GM, initiated an alliance between Nissan, Renault and GM in June and the companies have agreed to keep the negotiations quiet. Mr. Pelata commented to journalists that, with Toyota's plans to sell 9.8 vehicles globally by 2010, "What do we do? Say 'One day there will be a miracle, an earthquake,' [to stop Toyota's advance]?" While Mr. Pelata stopped short of making a statement about the negotiations with GM, he did indicate to reporters that he is frustrated with GM's inaction in pursuing a three way alliance. Stay tuned: GM Chairman and CEO Rick Wagoner and Renault-Nissan CEO Carlos Ghosn are set to meet in Paris tomorrow.
Related links: Full WSJ article • GM/Nissan-Renault Talks Bog Down • GM-Renault-Nissan Alliance Talks Make Little Progress • Toyota Ups Guidance • GM Investors Ahead of Themselves • Jerry Flint: Detroit's Luck has Run Out
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