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Volkswagen forced to sell stake in Suzuki

The six-year-long failed marriage between Volkswagen and Suzuki has finally come to an end. Almost. An arbitration panel in London issued its final verdict which, according to a VW press release, cleared Suzuki in terminating the agreement, so VW now needs to get rid of its 19.9-percent share. However, the tribunal's decision said VW performed all of its obligations and Suzuki didn't – the Japanese carmaker should have given VW last-call rights for a delivery of diesel engines, but failed to. The breach opens Suzuki up to damage claim, but so far VW only says it reserves the right to sue. Now that Suzuki has an outside investor to provide funds it meant to get from VW, perhaps both can get back to their reasons for being. The press release is below. Ruling in arbitration proceedings: Cooperation between Volkswagen and Suzuki deemed terminated - Arbitral tribunal confirms Volkswagen met contractual obligations and finds that Suzuki has ordinary right to terminate agreement based on reasonable notice - Volkswagen to dispose of its 19.9 percent stake in Suzuki and expects positive effect on Company's earnings and liquidity from transaction - Arbitrators also find that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has right to claim damages Wolfsburg, 30 August 2015 - An arbitral tribunal in London has announced its ruling in the dispute between Suzuki Motor Corporation and Volkswagen Aktiengesellschaft. As a result, cooperation between the two parties is deemed terminated. The arbitrators confirmed that Volkswagen met its contractual obligations under the cooperation agreement and found that Suzuki has terminated the agreement upon reasonable notice. Volkswagen will therefore now dispose of its 19.9 percent stake in Suzuki and expects a positive effect on the Company's earnings and liquidity from the transaction. The arbitral tribunal also confirmed that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has the right to claim damages. "We welcome the clarity created by this ruling. The tribunal rejected Suzuki's claims of breach and found that Volkswagen met its contractual obligations under the cooperation agreement. Nevertheless, the arbitrators found that termination of the cooperation agreement by Suzuki on reasonable notice was valid, and that Volkswagen must dispose of the shares purchased.

VW Q3 Financial Woes, 2015 Tokyo Motor Show | Autoblog Minute

Consumer Reports pulls its Tesla recommendation, the U.S. Copyright Office offers a ruling affecting car owners, VW gets hit hard with third quarter losses, and lots of exciting news from Tokyo. Autoblog's Senior editor Greg Migliore reports on this Autoblog Minute Weekly Recap. Tokyo Motor Show Mazda Subaru Suzuki Tesla Toyota Concept Cars Autoblog Minute Videos Original Video Tokyo 2015

Suzuki recalls nearly 61k SX4s and Kizashis for shifting out of Park

Suzuki has discovered an issue with the gearshift lever on some of its vehicles, and has issued a recall in coordination with the National Highway Traffic Safety Administration to address the problem. The issue affects the the 2010-2013 SX4 and Kizashi models fitted with automatic transmissions manufactured between specific dates in 2009 to 2012. In the affected vehicles, the shifter could slide out of the Park position without the brake pedal being depressed, which needless to say could lead to the vehicle unexpectedly rolling away. All told, the recall affects an estimated 60,823 vehicles, the owners of which can expect to head from the manufacturer to bring their Suzukis in to their local dealership to have the shift selector assembly replaced entirely, starting January 19. Since Suzuki no longer sells new cars in the US, owners looking for dealers and authorized service points are advised to check out the company's service provider website tool here. RECALL Subject : Shift Selector Moved From Park Report Receipt Date: DEC 22, 2014 NHTSA Campaign Number: 14V811000 Component(s): POWER TRAIN Potential Number of Units Affected: 60,823 Manufacturer: Suzuki Motor of America, Inc. SUMMARY: Suzuki Motor of America, Inc. (Suzuki) is recalling certain model year 2010-2013 SX4 vehicles manufactured July 16, 2009, to November 1, 2012, and 2010-2013 Kizashi vehicles manufactured October 13, 2009, to October 31, 2012. The shift selector can be moved out of the "Park" position without depressing the brake pedal. CONSEQUENCE: If the shift selector is moved out of the "Park" position while the brake pedal is not depressed, the vehicle may unexpectedly roll, increasing the risk of a vehicle crash. REMEDY: Suzuki will notify owners, and dealers will replace the shift selector assembly, free of charge. The recall is expected to begin January 19, 2015. Owners may contact Suzuki customer service at 1-714-996-7040. Suzuki's number for this recall is VL. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Featured Gallery 2011 Suzuki Kizashi Sport View 20 Photos News Source: National Highway Traffic Safety AdministrationImage Credit: Suzuki Recalls Suzuki Safety Crossover Hatchback Sedan suzuki sx4 suzuki kizashi