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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.

Junkyard Gem: 1996 Suzuki Swift SLOKYO DRIFT Edition

General Motors sold plenty of rebadged Suzukis over the decades in the United States, starting with the Chevy Sprint in 1985 and continuing with various Geo- and Chevrolet-badged machines into our current century. The one we remember best remains the fuel-sipping Metro, successor to the Sprint and available here through the 2001 model year. The Sprint and Metro were based on the Japanese-market Cultus, and Suzuki put its own badges on this car in the United States for the 1989 through 2001 model years. That was the Suzuki Swift, a car we know best today for its factory-hot-rod version, the Swift GT. Normally, I wouldn't bother to document an ordinary Canadian-built Swift found in a boneyard, but today's Colorado-found Junkyard Gem boasts some interesting custom touches that make it worth our attention. Get ready for… SLOKYO DRIFT! While countless American owners of Integras and Lancers and 240SXs went nuts with JDM-influenced car decor following the release of The Fast and the Furious: Tokyo Drift in 2006, drivers of the tiny and miserably underpowered Metro/Swift econo-commuters felt left out of the party. The owner of this car knew what to do, though: buy some stick-on mailbox letters and slap them on this Swift's hatch. Junkyard-acquired badges adorn every surface of the SLOKYO DRIFT Swift, because why not? It turns out that many Reddit regulars in Colorado spied this car on the street, and so you'll find many references to it on that site. Since any 24-year-old econobox with a manual transmission and a salvage title will be nearly impossible to sell, we can assume this car spent its last few years just one broken part away from The Crusher. Once it needed an expensive repair, it wasn't worth fixing. The original owner's manual and documentation remained in this Swift until the end. It appears that Colorado TV-advertising legend Dealin' Doug moved this iron off his Cherry Creek Dodge lot when it had a mere 5,920 miles on the clock, based on this "Phoney Monroney" I found in the glovebox. 168,925 hard miles later, here it is. At some point, it got totaled, put back together, and stamped with this REBUILT FROM SALVAGE lettering on the door jamb. We think of the Metro/Swift as a three-cylinder car, but many of the later versions got this 1.3-liter "big-block" four-banger under the hood. That's 70 raging horsepower right here. The 5-speed made it more efficient and fun to drive, but killed whatever resale value it may have had.

Recharge Wrap-up: NASA's EV plane, GM and Navy partner on fuel cell drone sub

NASA is building an all-electric test aircraft called the X-57. The lightweight plane's design balances speed with efficiency. The wings house two main propellers at their tips, with twelve smaller motors with retractable prop blades dotting the wing's lead edge. This helps it get the lift it needs to take off while reducing drag in the air, a delicate balance rooted in wing design. The X-57 is part of NASA's 10-year New Aviation Horizons program to make aircraft quieter, more efficient, and less polluting. Fans of The Right Stuff are sure to be pleased to see X-designated planes back in action. Read more at Wired. Suzuki has made its Baleno hatchback more efficient with a mild hybrid system. The European model has a lithium-ion battery pack under the front passenger seat that stores energy from a regenerative braking system to supplement power from the 1.2-liter engine during acceleration. Suzuki says the system improves the Baleno's fuel economy and reduces CO2 emissions by about five percent. Read more from Automotive News Europe. The Borgward BX7 plug-in hybrid SUV has won several Plus X Awards. The revived German automaker's PHEV received awards in the categories of Design, High Quality, Ergonomics, and Functionality. Any Plus X Award winner must display added value, which the panel of judges call the "Plus X Factor." The BX7 launched in China earlier this year, with plans to go on sale in India later this year and Europe soon after that. Read more at Green Car Congress. General Motors and the US Navy are teaming up to power underwater drones with hydrogen fuel cells. The Navy's goal is to provide its large displacement unmanned undersea vehicles (UUVs) with 60 days of operation between refueling. "Our in-water experiments with an integrated prototype show that fuel cells can be game changers for autonomous underwater systems," says Frank Herr, head of Ocean Battlespace Sensing at the Office of Naval Research. "Reliability, high energy, and cost effectiveness – all brought to us via GM's partnering – are particularly important as Navy looks to use UUVs as force multipliers." GM says that just as on-road experience gained through its Project Driveway fuel cell test fleet is valuable, automotive customers stand to benefit from lessons learned from this naval project. Read more in the press release below. GM AND U.S.