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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 Sport Coupe Concept GTE 'marks beginning of a new design era' [w/video]

You didn't think that Volkswagen was going to come to Geneva armed only with a bunch of European-market minivans and wagons, did you? Of course not. Last week VW gave us our first glimpse at a new show car for the Swiss auto expo, and here it is in full: the Volkswagen Sport Coupe Concept GTE. Set to be unveiled at the Geneva Motor Show this week, the Sport Coupe is envisioned as a successor to the current CC, but beyond previewing a specific model, this concept showcases a new design language that's set to characterize all new VWs to come. And judging by how good it looks from the images in the slideshow above, that could prove to be a very good thing indeed. The concept strikes us as the sleekest iteration yet of the company's flexible MQB architecture that already underpins vehicles as small as the Golf and as large as the new Skoda Superb. It's larger than the current CC in every dimension but height, and pushes the wheels further out on a longer wheelbase. And with a liftgate at the back instead of a trunk, it strikes a form more similar to the Audi A7 than the Passat-based CC. As with recent past concepts, VW has taken the opportunity to showcase its hybrid powertrain technologies, fitting the Sport Coupe with a plug-in hybrid system that couples a 3.0-liter turbocharged V6 to a pair of electric motors and a six-speed dual-clutch transmission. The internal combustion engine drives 295 horsepower and 369 pound-feet of torque to the front wheels, while an electric motor integrated into the gearbox contributes another 54 hp and a second one kicks in 114 hp at the rear. Juiced by a lithium-ion battery housed in the center tunnel and offering all-wheel traction, the combined output of 374 hp is said to be capable of propelling the concept to 62 miles per hour in five seconds flat and on to a top speed of 155 mph. It can travel for 32 miles on electric power alone and on to an overall range of 745 miles, netting the equivalent of 118 miles per gallon on the European cycle. Inside, the four-seat cabin is laden with digital displays: there's a 12.3-inch unit – dominated by the speedo and power meter – in place of a conventional instrument cluster. The center stack incorporates a 10.1-inch infotainment display, and the rear-seat passengers have access to another 12.3-inch display at the back of the center console and another pair of 10.1-inch displays in the seatbacks.

VW Passat GTE plug-in hybrid starts at ˆ44,250 in Germany

Want to know how much to put away for a new Volkswagen Passat GTE? Well, first you'll have to move to Germany, or another market where the model will be sold – because it's not being offered in the US. In fact, it's based on a Passat that's altogether different from the one we get in America. But, once you've arrived at a place where the Passat GTE is available, you'll need to shell out about ˆ45,000. That's equivalent to $50,000 US at current exchange rates, which is more than the starting MSRP on any VW currently available Stateside. VW just announced domestic pricing for the new plug-in hybrid, which starts at ˆ44,250 for the sedan and ˆ45,250 for the wagon. For that much scratch, you get a Passat with a 1.4-liter turbo four good for 154 horsepower paired with an electric motor good for another 113 hp. Working in unison, the hybrid powertrain produces as much as 216 horses, and will drive up to 31 miles on electric power alone. Combined with the 50-liter (13.2-gallon) gas tank, the Passat GTE will travel over 680 miles before needing to stop. Along with the GTE, the German automaker is also launching the new Alltrack version of the Passat. Based on the Variant wagon, the new Passat Alltrack packs all-wheel drive and more rugged styling inside and out for a treatment similar to what Audi does for its Allroad models, Volvo its Cross Country line, and Subaru its Outback range. In Passat form, the Alltrack will set German buyers back ˆ38,550. Launch of the new Passat GTE and Passat Alltrack Two new models added to the Passat range Volkswagen is extending its Passat range, adding the GTE and Alltrack. These models are available immediately at German Volkswagen dealers. For a year now, the three distinctive letters GTE have stood for plug-in hybrid models from Volkswagen. Following the Golf, the second GTE standard model is now going on sale, the new Passat. The Passat GTE is powered by a 1.4-litre TSI engine delivering 115 kW / 156 PS and an electric motor producing 85 kW / 115 PS. The two are perfectly coordinated and pool their resources to generate system output of 160 kW / 219 PS. The combination of turbocharged direct-injection engine (TSI) and electric motor brings together efficiency and sustainability. The lithium-ion battery that provides the e-motor with electricity is charged as the car drives along, including via regenerative braking.