Suzuki Withdraws from Vehicle Production in China
Tokyo, Sept. 4 (Jiji Press)--Japanese automaker Suzuki Motor Corp. <7269> said Tuesday that it has agreed to dissolve its joint venture with Chinese partner Chongqing Changan Automobile Co., withdrawing from vehicle production in China.
Suzuki will sell its entire 50 pct stake in the joint venture to Chongqing Changan.
It is unusual for an automaker to withdraw from the Chinese market, where European, U.S. and Japanese companies are jockeying for a share of the world's largest auto market.
Suzuki will instead focus on India, where it controls half of the car market.
The value of the equity transfer was not disclosed.
[Copyright The Jiji Press, Ltd.]