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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.

'CSR Racing 2' mobile game adding 'Fast & Furious' pack

Popular mobile drag-racing game CSR Racing 2 (CSR2) is constantly adding new cars, new events, and new features to keep the game fresh. In March, CSR2 released the stunning McLaren Speedtail into the game, and for April, a "Fast & Furious"-themed pack is on the way. CSR2 recently celebrated 100 seasons of racing (the game runs on its own calendar) and announced a new update is on the way. Many new vehicles are coming, including a McLaren F1 LM, a Mercedes-Benz 300 SL Coupe, a Bugatti EB110 Super Sport, a Honda NSX-R, a C3 Chevrolet Corvette ZR1, a Lamborghini Countach LP5000 Quattrovalvole, a Porsche Carrera GT and a Shelby Cobra 427 S/C.  Through various events, players will also be able to unlock more cars such as the Aston Martin Valhalla Concept, the Ferrari Monza SP1 and SP2, a TVR Griffith, a Toyota GR Supra, a Bugatti Chiron Pur Sport, a BMW M8 Competition Coupe, and for the first time in a video game, the Mini John Cooper Works GP. But possibly the most hyped vehicles included in the new update are not cars that come straight from the production line. Update 2.11 will add character cars from the "Fast & Furious" franchise.  As part of a series of special events within the game, CSR2 customers will be able to race with numerous F&F cars such as the 1970 Dodge Charger Daytona, the 2001 Veilside Honda S2000, and Jesse's iconic 1995 Volkswagen Jetta. There are no details about the specifics of the events, but the first will launch in mid-April and the rest will slowly drip the rest of the year. The new cars come after CSR2 released the "Fast & Furious" Toyota Supra, Veilside Mazda RX-7, and Mitsubishi Eclipse back in 2019.  For more information about CSR2 and the upcoming update, visit CSR2's Tumblr. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery CSR Racing 2 Fast and Furious Pack Auto News Toys/Games TV/Movies Dodge Honda Volkswagen Fast & Furious Honda S2000

Cost-cutting measures put VW Beetle in jeopardy

Volkswagen is on a mission to cut costs. That means producing more models across its various brands based on the same platforms and powertrains, but the latest word from Germany has it that it will also mean cutting some of the VW brand's less successful models. First on the chopping block, according to German publication Der Spiegel, is the three-door version of the Polo, which will reportedly cede its place to the five-door version exclusively. The elimination of that model alone is said to save VW a good 200 million euros, putting it on its way towards reducing the brand's costs by a targeted five billion euros. The Polo isn't the only one in danger, though. The Eos, as we know, is not due to be replaced, but the future of the Beetle could be in jeopardy as well. The Beetle may be one of VW's most iconic models, but is hardly its most successful in terms of sales. With the 2014 annual report due to be released shortly, the last full-year sales figures had Volkswagen selling 109,517 Beetles in 2013. That may be more than four times the number of Scirocco models it sold, but hardly puts a dent in the 871,413 Jettas, 824,629 Golfs and 725,291 Polos it sold during the same year.