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Suzuki has to take out $45M loan just to shutter US dealers

Bloomberg reports American Suzuki is set to borrow up to $45 million to to close its automotive dealerships and freshen up its it motorcycle and marine business. Suzuki Motor Corporation will loan American Suzuki the funds at three percent below the London Interbank offered rate in order to offer dealer owners a cash payment in exchange for voluntarily abandoning franchise agreements. The company's 216 dealers have 10 days to make a decision on the matter. Under the plan, Suzuki would give dealer owners half of what they're owed in one lump sum, and the dealers would then be able to pursue the remaining debt through the company's bankruptcy procedure.
U.S. Bankruptcy Judge Scott C. Clarkson granted American Suzuki interim authority to borrow the funds, but Bloomberg reports the company will likely return to court in a few weeks to seek up to $100 million. According to Richard Pachulski, a lawyer for Suzuki America, the automaker may owe its dealers somewhere around $50 million.

Suzuki tunes up tiny concepts for Tokyo Auto Salon

When counting Japanese automakers, don't forget Suzuki, which has a trio of new show cars lined up for the Tokyo Auto Salon in a couple of weeks. First up is the Water Activity concept. It's based on the Ignis and done up in a matte-finish army green with orange accents, a canoe strapped to the roof, metallic underbody trim, and bigger wheels. It's not unlike the Ignis Trail concept that Suzuki revealed at the main Tokyo Motor Show a few months ago, but taken in more of an outdoorsy direction than a sporty one. Joining it is the Hustler Rough Road Style, based on the oddball square wagon we first saw in concept form back in 2013 but ruggedized for the rocky trail. To that end it features a jacked-up suspension, knobby little tires, caged-in headlights, and a yellow paint job that makes it look as though it wandered through a paintball arena. It even has its name spelled out on the nose like you'd expect to see on a Hummer or Land Rover, and blacked-out trim on everything from the roof to the door handles. Last but not least is the Alto Works GP, which takes the punchy little hot hatch we reported on just the other day in an even racier direction. It features a blue and acid green livery borrowed from Suzuki's MotoGP bike, complemented by a custom carbon-fiber hood. It'll be displayed at the Japanese tuner expo alongside its two-wheeled counterpart, not to mention a smattering of other vehicles from the company's lineup when the show opens on January 15. Related Video:

Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade