President Toyoda and Chairman Smith also held talks in New York in March 1982. Chairman Smith made a highly specific proposal that 1) the two companies invest equally in a joint venture company to be operated by Toyota and 2) a GM plant on the West Coast produce 200,000 to 400,000 units of a new Corolla-based GM vehicle starting in the autumn of 1984. From this point on, the details of the joint venture were negotiated by personnel on the operational level.