GM and Toyota stir an outcry
America's General Motors Corp. and Japan's Toyota Motor Co. are by far the biggest automakers in their respective countries and produce nearly 25% of the world's automobiles between them. So when the two giant firms signed a $300 million preliminary agreement last week to build a subcompact car in California, GM's U.S. rivals sensed a threat to their business and let out cries of alarm. The loudest came from Lee Iacocca, chairman of Chrysler Corp., which is counting on small cars to help fuel its comeback. Iacocca called the GM-Toyota arrangement "fundamentally bad," and then added:...
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