Suzuki CEO denies reports about VW purchasing stake to build small car

Volkswagen Up Concept

It was reported last week the Volkswagen has been looking to purchase a stake in Suzuki Motor Corp in a move where the two automakers would collaborate on building an ultra-compact car. Suzuki CEO Osamu Suzuki is now denying reports that the German automaker was considering taking a 10 percent stake in his company.

“So far there’s been absolutely no contact (with Volkswagen),” Suzuki said. “Lately, we’ve been the victim of a lot of rumors,” Japanese newspaper Chunichi Shimbun quoted him saying.

A source told Reuters last week that Volkswagen had been exploring the possibility of purchasing a 10 percent stake in Suzuki in order to produce a vehicle smaller than its upcoming Volkswagen Up!

– By: Omar Rana

Source: Reuters