A top Toyota executive says the automaker is prepared to deal with a possible bankruptcy filing by rival General Motors.
Toyota Motor Sales USA President Jim Lentz says his company shares about two-thirds of its 500 parts suppliers with GM, which is facing the possibility of a bankruptcy. Lentz made the remarks Wednesday at the New York International Auto Show.
Lentz says only a small number of Toyota suppliers are critically short on cash. Analysts fear that an automaker bankruptcy would take down parts suppliers and disrupt production industrywide.
Lentz says the $5 billion parts supplier bailout by the Obama administration will help preserve the supply base. The Tokyo-based automaker builds cars in the U.S. in Kentucky, Indiana and Texas.