Report: Volkswagen no longer considers Suzuki an ‘associate’
Volkswagen AG has said that it no longer classifies Suzuki an ‘associate,’ retracting word that kicked off a downward spiral in the partnership between the companies. The German automaker enraged the Japanese brand in March in its annual report saying that it could’ significantly influence financial and operating policy decisions’ at Suzuki.
“The opportunity to exert notable influence upon Suzuki is, for the time being, no longer available,” Volkswagen said. It added that it now lists Suzuki under ‘other holdings.’
Suzuki Italia’s President Junya Kumataki said that the company is still firm on its decision to ‘divorce from Volkswagen’ and had nothing more to add.
Suzuki has been urging Volkswagen to sell back its 19.9 percent stake in the company.
– By: Omar Rana
Source: Automotive news