Toyota is finalizing a plan to build its next North American plant in Woodstock, Ontario, to build small vehicles, the Asian Wall Street Journal said. In the wake of the Toyota-GM meeting that may or may not take place, news of a possible Corolla hybrid built at the NUMMI in California is a perfect opportunity for GM to use the hybrid system. The GM-Toyota joint venture in Cali also builds the Pontiac Vibe, which is built on the Corolla platform. Makes sense now? Toyota also reported record net profits for the last year.

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