Suzuki, while at Frankfurt showing off its new Baleno hatchback and next-generation Vitara, is dealing with a financial problem of sorts.
In order to buy itself back from Volkswagen, the Japanese automaker will have to shell out 471.74 billion yen — or $3.9 billion USD. Suzuki plans to purchase as many of those shares back as possible during off-hours trading, before the bell rings Thursday morning.
Monday morning. Auction time. I have 116 vehicles in front of me and a 21-year-old supercar that’s making me think back to the days when truck engines in car bodies were still all the rage.
Osamu Suzuki (middle right), chairman of Suzuki Motor Corporation, can finally celebrate his biggest win. After a failed alliance with Volkswagen put Suzuki — the chairman and company — on the back foot for almost four years, the International Court of Arbitration of the International Chamber of Commerce in London has decided in the Japanese company’s favor. Suzuki will purchase back their own stock from Volkswagen.
Suzuki received news of the ruling Saturday and filed the information with the Tokyo Stock Exchange on Sunday.
“It’s good that a resolution came. I feel refreshed. It’s like clearing a bone stuck in my throat,” said to reporters gathered at a news conference in Tokyo, reports Automotive News. “I’m very satisfied with the resolution. Through it, Suzuki was able to attain its biggest objective.”
In a detailed report on the failed alliance between Suzuki and Volkswagen, Automotive News reports that the Japanese automaker wanted to re-badge and sell Volkswagen Jetta Hybrids in the U.S. before the company eventually decided to close up its local sales arm.
The report, which came out on Monday, is a play-by-play of what happened from the time Suzuki CEO Osamu Suzuki and Volkswagen AG CEO Martin Winterkorn first shook hands in 2009, to when Suzuki announced it was cutting its losses, up to today as the automakers struggle over VW’s 19.9-percent ownership of the Japanese automaker.
Hedge fund investor Daniel Loeb has purchased a minority stake in Suzuki Motor Corp., which may mean the automaker could have a ruling on its nearly 5-year arbitration with Volkswagen, Bloomberg Business is reporting.
The unspecified investment in Suzuki by the billionaire Loeb, who is one of Japan’s wealthy business elite, could be a sign that a ruling following June’s completion of arbitration is imminent. For years, Suzuki remained “paralyzed” as the procedure slogged on.
Suzuki has a significant automotive presence in emerging markets and India.
UPDATE: Mitsubishi has officially announced they will close the Normal, Ill. plant and are looking for a “strategic buyer.” This article was originally written a couple of hours before the announcement. Our Mitsubishi Doomsday Countdown starts right now, putting Mitsubishi’s Best-Before Date at Tuesday, January 16, 2018.
When Suzuki decided to stop building their last self-produced model in North America, the seven-seater XL7, in the midst of the U.S. economic crisis, it was just another nail in the coffin for that looked to be inevitable — the end of Suzuki sales in North America.
The CAMI plant in Ingersoll, Ontario, Canada — a plant that still cranks out GM products to this day — was an integral part of Suzuki’s success and ultimate demise. Much like the Normal, Illinois Mitsubishi facility, the CAMI plant started as a joint venture between General Motors and its new Japanese BFF.
Suzuki chairman and CEO Osamu Suzuki announced Tuesday the appointment of his son and likely successor, Toshihiro Suzuki, to the role of president.
The Volkswagen Phaeton, the pride of former chairman Piëch, has been discontinued in the UK. Don’t worry, though, if you’re one of those people who enjoy such understated luxury. Volkswagen is still planning a next-generation version of the car.
Here’s what happened overnight.
If someone mentions the name Buick, a certain image is conjured: comfortable, plush, American motoring just on the blue-collar side of luxury. Buicks used to be the working man’s Cadillac, an association doctors leveraged when making house calls. After all, showing up in a Cadillac would really show the patient how much you were about to screw them upon leaving the bill on the nightstand.
But, in more recent times, Buick has become more of a Chevrolet+. Taut suspensions, journo brown interiors and lukewarm engine choices. Oh, and there’s the Encore, a cute ute powered by one of the roughest, smallest engines you can buy in North America. What gives?
Suzuki is recalling a record 2 million vehicles to replace ignition switches amid reports of smoke and fumes being emitted from the part.