Though Bloomberg recently reported that VW Chairman Ferdinand Piech and Suzuki President Osamu Suzuki are involved in board level talks to resolve the differences in their on again off again relationship, at a news conference for quarterly earnings, Suzuki Executive Vice President Toshihiro Suzuki denied any such talks have taken place. ”There have been various reports, but there absolutely are no such facts, so there is nothing I can talk about on this topic.”
In 2009 VW paid $2.3 billion for a 20% stake in Suzuki. VW wanted access to India, where Suzuki is the market leader and Suzuki wanted access to VW’s fuel saving tech. The VW said Suzuki broke the contract by trying to buy diesel engines from Fiat. In return, Suzuki said VW had withheld hybrid technology covered in the agreement. Suzuki then filed for international arbitration in 2011 after the German automaker refused to sell back its shares in Suzuki.