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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.

Suzuki bringing compact iV-4 to Frankfurt

Even though American Suzuki Motor Corporation filed for bankruptcy last year and stopped selling cars in the US and Canada as part of its reorganization, there are still plenty of countries around the world where Suzuki continues to sell autos. For those markets, the automaker is working on a compact sport-utility vehicle, called the iV-4, which will be unveiled at the Frankfurt Motor Show in September.
Suzuki says the iV-4 "embodies the basic ruggedness of an SUV," and that its styling is modern and innovative. We'll have to take Suzuki's word on that one, though the teaser above certainly looks the part, with the grille reminding us of the one found on the Jeep Grand Cherokee (minus a few slats, of course).
Scroll down for the short-and-sweet press release, and expect the full brace of information to be revealed in September.

Suzuki recalling 101,000 Forenza, Reno models over faulty headlamps

The National Highway Traffic Safety Administration has announced a recall of over 100,000 Suzuki models. The NHTSA recall extends to certain 2004-2006 Suzuki Forenza models and 2005-2006 Reno vehicles, These were vehicles produced from September 2003 through March 2006.
According to the announcement, the recall pertains to potentially faulty headlight assemblies. A poor contact in the headlight terminals can result in the splice pack melting, resulting in partial or complete loss of headlamp functionality.