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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.

Ferdinand Piech (1937-2019): The man who made VW global

Towering among his peers, a giant of the auto industry died Sunday night in Rosenheim/Upper Bavaria, Germany. Ferdinand Piech, a grandson of Ferdinand Porsche, who conceived the original Volkswagen in the 1930s, was the most polarizing automotive executive of our times. And one who brought automotive technology further than anyone else. Ferdinand Porsche had a son, Ferdinand (called "Ferry"), and a daughter, Louise, who married the Viennese lawyer Anton Piech. They gave birth to Ferdinand Piech, and his proximity to two Alfa Romeo sports cars — Porsche had done some work for the Italians — and the "Berlin-Rome-Berlin" race car, developed by Porsche himself, gave birth to Piech's interest in cars. After his teachers in Salzburg told his mother he was "too stupid" to attend school there, Piech, who was open about his dyslexia, was sent to a boarding school in Switzerland. He subsequently moved on to Porsche, where he fixed issues with the 904 race car and did major work on the 911. But his greatest project was the Le Mans-winning 917 race car, developed at breathtaking financial cost. It annihilated the competition, but the family had had enough: Amid growing tension among the four cousins working at Porsche and Piech's uncle Ferry, the family decided to pull every family member, except for Ferry, out of their management positions. Piech started his own consultancy business, where he designed the famous five-cylinder diesel for Mercedes-Benz, but quickly moved on to Audi, first as an engineer and then as CEO, where he set out to transform the dull brand into a technology leader. Piech killed the Wankel engine and hammered out a number of ambitious and sophisticated technologies. Among them: The five-cylinder gasoline engine; Quattro all-wheel drive and Audi's fantastic rally successes; and turbocharging, developed with Fritz Indra, whom Piech recruited from Alpina. The Audi 100/200/5000 became the world's fastest production sedan, thanks to their superior aerodynamics. Piech also launched zinc-coated bodies for longevity — and gave diesel technology a decisive boost with the advent of the fast and ultra-efficient TDI engines. Less known: Piech also decided to put larger gas tanks into cars. Customers loved it. Piech's first-generation Audi V8 was met with derision by competitors; it was too obviously based on the 200/5000.

Autoblog Minute: Finalists announced for 2016 Tech of the Year award

Here are the finalists for Autoblog's 2016 Technology of the Year award. Autoblog's Chris McGraw reports on this edition of Autoblog Minute, with commentary from Autoblog executive producer Adam Morath, AutoblogGreen editor-in-chief Sebastian Blanco, and Autoblog senior editor Alex Kierstein. Show full video transcript text [00:00:00] It's Fall here in Detroit and for us that means it's time for football, autumn beers, and the fourth annual Autoblog Tech of the Year awards. I'm Chris McGraw and this is your Autoblog Minute. Tech of the Year is one of our favorite things here at Autoblog. It's a time when we get celebrate all the best tech from the industry we love most. [00:00:30] - [00:01:00] [Commentary form Adam Morath, Sebastian Blanco, Alex Kierstein] Past winners include, Tesla's Supercharger network, FCA's Uconnect system and the BMW i8. In 2016 we're doing something a little different for Tech of the Year. We've separated our award into two categories. One award for best tech car, and a second award for best technology of the year. The nominees for best car in 2016 are: [00:01:30] the Tesla Model S, the Chevrolet Volt, and the BMW 7 series. The nominees for best tech in 2016 are: Apple CarPlay, Android Auto, Volkswagen's MiB II with AppConnect, Ford Sync 3, Audi's Virtual Cockpit, the Smart Cross Connect App, and Volvo Sensus. [00:02:00] We're going to announce Autoblog's Tech of the Year winners in January at the 2016 North American International Auto Show, in Detroit. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Green BMW Chevrolet Ford Hummer smart Tesla Volkswagen Volvo Technology Infotainment Autoblog Minute Videos Original Video