2004 Suzuki Forenza S on 2040-cars

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Japan's Suzuki, SkyDrive sign deal to develop, market 'flying cars'

TOKYO — Japanese automaker Suzuki Motor Corp and 'flying car' firm SkyDrive Inc said on Tuesday they have signed a deal to team up in research, development and marketing of electric, vertical takeoff and landing (eVTOL) aircraft. In a joint statement, the two companies said they will also work to open up new markets with an initial focus on India, where Suzuki has a roughly half share of the auto market. Suzuki announced on Sunday it plans to invest 104.4 billion rupees ($1.37 billion) in its India factory to produce electric vehicles and batteries. The companies didn't disclose details of investments in their partnership, nor outline any production timetable or target. Founded in 2018, Tokyo-headquartered SkyDrive counts big Japan businesses like trading house Itochu Corp, tech firm NEC Corp and a unit of energy company Eneos Holdings Inc among its main shareholders. In 2020 it raised 5.1 billion yen ($42 million) in total in Series B funds, according to its website. SkyDrive is currently engaged in the development of a compact, two-seating electric-powered flying car with plans for full-scale production. The statement did not say whether Suzuki would be working on this specific vehicle. The company, which is also developing cargo drones, aims to launch a 'flying car' service in Osaka in 2025 when the Japanese city hosts the World Expo. For Suzuki, the partnership will add 'flying cars' as a fourth mobility business, in addition to automobiles, motorcycles and outboard motors, the statement said. ($1 = 120.4500 yen) (Reporting by Satoshi Sugiyama; Editing by Kenneth Maxwell) Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

American Suzuki gets $100M in financing to go out of business... buy more cars?

American Suzuki Motor Corporation (ASMC), which declared bankruptcy in early November, has been approved by the courts for up to $100 million in debtor-in-possession financing to enable it to shutter its US car business. ASMC had received a $45 million loan from the Japanese parent company, Suzuki Motor Corporation (SMC), last month in order to make repayment deals with its franchise dealers. At the same time, ASMC was awaiting final court approval of this larger loan.
Out of the newly approved funds, $50 million can be used for operations, and oddly, the other $50 million can be put toward purchases of new inventory from SMC. That's right, even as existing inventory was headed for a smooth exit with the help of incentives, customer demand for orphan Suzuki models is so strong - last month's sales were up 22 percent compared to 2011 - that ASMC plans to purchase 2,500 additional cars from SMC that were built after the bankruptcy announcement. Good news for the owners of those vehicles: the top 50 dealers, representing more than 98 percent of ASMC sales, will become parts and services centers.
The press release below has more information. Unlike its recent tenure here, the end of Suzuki cars in the US looks like it's going rather well.

Marchionne now considering 'Plan B' partners for FCA merger

Okay Sergio, just stop. With the sting of rejection from General Motors CEO Mary Barra still fresh, Fiat Chrysler Automobiles CEO Sergio Marchionne is moving on and trying to find another automaker to merge with. FCA may not be giving up hope on a merger with GM, but that doesn't mean it isn't at least considering alternatives. Sergio's so-called "Plan Bs" include the Volkswagen Group, as well as smaller Asian outfits, like Mazda, Honda, Suzuki, and Hyundai. Bloomberg reports that France's beleaguered PSA Peugeot Citroen could as a sort of "fallback" option due to its relative lack of volume, an unidentified source claimed. There are, of course, problems with each option. According to Bloomberg, Volkswagen expects complete control of a company, but the Agnelli family, which holds a large portion of FCA stock, is loathe to relinquish its stake in the company. On top of that, VAG just isn't looking to make a deal right now. Mazda, meanwhile, is enjoying a new partnership with Toyota and Suzuki is partially owned by VW. Honda and Hyundai have never expressed any interest in a partnership with a western automaker. That kind of just leaves the French then, but even that remains a long shot. As Bloomberg tells it, PSA boss Carlos Tavares is still working on a turn-around plan, and would want at least another six months to execute before even considering a deal with FCA. And even then, Tavares hasn't given any indication that he's considering a pairing. News Source: BloombergImage Credit: Paul Sancya / AP Chrysler Fiat GM Honda Hyundai Mazda Suzuki Citroen Peugeot Sergio Marchionne FCA Mary Barra psa peugeot citroen