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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.

Lucky Australians get super-limited Suzuki Jimny Heritage Edition

Every time the Suzuki Jimny comes up, people in the U.S. throw around phrases like “forbidden fruit” and words like “unobtanium.” Still, the automakerÂ’s newest off-roader may be impossible to get, even for people in markets where itÂ’s sold. The new Jimny Heritage Edition will soon be available in Australia, but its super-limited numbers will make it one of the rarest pint-sized off-roaders yet. Suzuki said it would only build 300 of the retro-inspired Jimnys. The companyÂ’s Australian website shows four colorways, including green, white, grey, and black, each accented by red and orange graphics and red mudflaps. Heritage decals and a unique cargo tray round out the look. The Heritage Edition gets the same 1.5-liter four-cylinder engine that the standard Jimny and Jimny Lite get, which produces around 100 horsepower and 96 pound-feet of torque. Suzuki offers a four-speed automatic transmission in other variants, but the Heritage comes exclusively with a five-speed manual gearbox. The JimnyÂ’s ultra-compact size, short wheelbase, and almost nonexistent front and rear overhangs make it a surprisingly capable off-roader. Utility vehicles have ballooned in size here in the States, and while we never got the Jimny, we did get oddities like the Geo/Chevy Tracker before the market went wild on luxo-barge SUVs. The Heritage Edition builds on the GLX trim, the most “luxurious” variant, if you can call it that. The trim gets a seven-inch touchscreen with Apple CarPlay and Android Auto, navigation, LED headlights, a rearview camera, fog lights, and even some advanced driver aids. Though small and somewhat basic, the Jimny Heritage Edition can be upgraded with several options and accessories. Suzuki offers skid plates, cargo accessories, premium speakers, and even an $1,800 (AUD) 15-inch wheel kit. Pricing starts at AUD 33,490, or $22,591, a few thousand more than the base Jimny. White is the only standard paint color, however, so lucky buyers will have to shell out an additional $695 for one of the other hues. Related Video

Suzuki and Daihatsu join Toyota electric vehicle venture

TOKYO — Suzuki Motor Corp and Daihatsu are joining a commercial electric vehicle coalition led by Toyota Motor Corp, the carmakers announced on Wednesday, helping the Japanese alliance expand its focus from trucks to smaller cars. The two automakers will each acquire a 10% stake in the joint venture, on par with Isuzu Motors and Hino Motors, while Toyota will hold a 60% stake, they said. "With Suzuki and Daihatsu joining the project and working together, we'll be able to expand our circle of cooperation to not only cover commercial vehicles but also mini vehicles," said Toyota President Akio Toyoda. "With this expansion, I believe that we'll be able to take one step closer to a better mobility society," Toyoda said. The move comes as Japanese automakers face growing competition from tech giants and other rivals making electric and driverless cars. Toyota, Isuzu and Hino launched the Commercial Japan Partnership Technologies Corporation in April to bolster their competitive edge in connected, commercial vehicles. Daihatsu's president Soichiro Okudaira said joining the pact and introducing connected, mini-commercial vehicles would allow data sharing, a major benefit for companies to provide better services to customers and improve logistics efficiency. (Reporting by Eimi Yamamitsu; Writing by Ritsuko Ando; Editing by Louise Heavens) Related Video: Green Suzuki Toyota Daihatsu Electric Akio Toyoda