“There have been various reports, but there absolutely are no such facts, so there is nothing I can talk about on this topic,” Executive Vice President Toshihiro Suzuki said today.
A tie-up between Suzuki and Volkswagen that began in 2009 was originally meant to help the German brand find better footing in the Indian market. In turn, Volkswagen would share fuel-saving technologies with Suzuki. Things fell apart after VW said Suzuki broke the contract by building diesel engines with Fiat. Suzuki swung back, saying Volkswagen withheld hybrid technology.
Volkswagen paid $2.3 billion and took a 20 percent stake in Suzuki as part of the deal. Suzuki requested that the shares be sold back after the partnership failed, but Volkswagen refused to relinquish its stake.
Suzuki pulled out of the U.S. market at the end of last year, but the brand continues to sell its products globally.
[Source: Automotive News]