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Volkswagen forced to sell stake in Suzuki

The six-year-long failed marriage between Volkswagen and Suzuki has finally come to an end. Almost. An arbitration panel in London issued its final verdict which, according to a VW press release, cleared Suzuki in terminating the agreement, so VW now needs to get rid of its 19.9-percent share. However, the tribunal's decision said VW performed all of its obligations and Suzuki didn't – the Japanese carmaker should have given VW last-call rights for a delivery of diesel engines, but failed to. The breach opens Suzuki up to damage claim, but so far VW only says it reserves the right to sue. Now that Suzuki has an outside investor to provide funds it meant to get from VW, perhaps both can get back to their reasons for being. The press release is below. Ruling in arbitration proceedings: Cooperation between Volkswagen and Suzuki deemed terminated - Arbitral tribunal confirms Volkswagen met contractual obligations and finds that Suzuki has ordinary right to terminate agreement based on reasonable notice - Volkswagen to dispose of its 19.9 percent stake in Suzuki and expects positive effect on Company's earnings and liquidity from transaction - Arbitrators also find that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has right to claim damages Wolfsburg, 30 August 2015 - An arbitral tribunal in London has announced its ruling in the dispute between Suzuki Motor Corporation and Volkswagen Aktiengesellschaft. As a result, cooperation between the two parties is deemed terminated. The arbitrators confirmed that Volkswagen met its contractual obligations under the cooperation agreement and found that Suzuki has terminated the agreement upon reasonable notice. Volkswagen will therefore now dispose of its 19.9 percent stake in Suzuki and expects a positive effect on the Company's earnings and liquidity from the transaction. The arbitral tribunal also confirmed that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has the right to claim damages. "We welcome the clarity created by this ruling. The tribunal rejected Suzuki's claims of breach and found that Volkswagen met its contractual obligations under the cooperation agreement. Nevertheless, the arbitrators found that termination of the cooperation agreement by Suzuki on reasonable notice was valid, and that Volkswagen must dispose of the shares purchased.

Suzuki teases iK-2 and iM-4 concepts set to debut at Geneva

While it may be true that Suzuki no longer sells its models in the US, the Japanese brand is still motoring along and quite popular in the rest of the world, including Europe. The Japanese company just teased two concepts to premiere at the 2015 Geneva Motor Show, but hasn't revealed much about them yet. First up is the iM-4 concept (pictured above), which Suzuki describes as an "iconic mini 4x4." Given that the next-gen Jimny (better known in the US as the Samurai) is supposed to go on sale in 2017, this vehicle might be the first future glimpse of the little offroader. The company reportedly wants to keep the new model close in spirit to the current one, while updating its aging design. The iK-2 concept (right inset) is a bit more mysterious. Suzuki calls it "an ideal compact sized car." Based on the brand's European range, it could preview a look for a future version of the Swift. We should know much more about both of them when the Geneva show begins in March. SUZUKI UNVEILS iK-2 AND iM-4 CONCEPT MODELS AT THE 85TH GENEVA MOTOR SHOW 06/02/15 Suzuki Motor Corporation will display two world-premiere concept models at the 85th Geneva Motor Show next month. iK-2 The iK-2 is an ideal compact sized car, developed with an innovative theme of "Harmonised Force". By combining all of the key elements expected in a car of this size the new model raises compact car values to the limit. iM-4 The iM-4 is an iconic mini 4x4 developed with a concept theme of "Shape the Inspiration". It is an all-new proposal from Suzuki, packed with its compact 4x4 DNA and new technologies as well as distinctive styling that will give real inspiration to drivers. Detailed information will be disclosed at the Suzuki press conference, scheduled on Tuesday, 3rd March 2015 at 11:15 am , On stand 4251, in hall 4 A special website is available on http://www.globalsuzuki.com/geneva2015/

Land-speed racer Bill Warner dies from motorcycle crash at 285 MPH

Motorcycle land-speed record holder Bill Warner died yesterday after crashing during an attempt at setting another record. The 44-year-old was clocked at 285 miles per hour on the runway of a former air base in northern Maine, before he lost control of his modified Suzuki Hayabusa motorcycle and veered off the runway.
It is not known what speed he was traveling when things started to go wrong and unclear what caused the crash, which happened shortly before 10:00 AM. Warner's crew suspect there were mechanical difficulties on his last run, in addition to a slight breeze, according to the video news report. Warner was conscious and able to speak after the crash but died an hour and 15 minutes later at a hospital in Caribou. The event and runway were closed for the rest of the day as police investigated the incident.
Warner was participating in "The Maine Event" at Loring Air Force Base in an attempt to reach 300 mph in one mile. Warner's best land-speed record, set in 2011, was 311.945 mph in 1.5 miles on the same runway, according to the Loring Timing Association, a record that still stands today for open-cockpit motorcycles. After that run, Warner said the scariest part was stopping the bike before the end of the runway. Be sure to check out the video news report after the jump.