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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.

Volkswagen Golf R Variant ready to haul ass, stuff

Volkswagen seems to be playing a cruel trick on the American automotive public at the Los Angeles Auto Show. It's displaying its sexy Golf R Variant with no clear intention of actually selling the model here. The hot wagon launches in Europe in the spring, but the automaker makes absolutely no mention of the model's prospects in the US. Hopefully, its appearance in LA at least indicates VW is considering bringing it stateside. The great thing about this wagon is that it has everything that the regular Golf R offers, but there's even more room to carry stuff. The same 2.0-liter turbocharged four-cylinder engine makes 296 horsepower and 280 pound-feet of torque with a six-speed dual-clutch gearbox and 4Motion all-wheel drive. Performance is very close, too, with the Variant R taking 5.1 seconds to get to 62 miles per hour versus the 4.9 seconds the standard R needs to read 60 mph. The two of them also have the same tech goodies like ESC Sport stability control and multiple damping modes. The real advantage to opting for the estate is its ability to carry up to 57.2 cubic feet of cargo in the back. This hot rod wagon would seem to be perfect for the family that needs to haul some extra junk in the trunk, but doesn't want to sacrifice performance. Whether the Variant R makes it to the US remains a mystery, though. Scroll down to read the specs and feel a twinge of jealousy.

Recharge Wrap-up: AutoNation CEO calls anti-Tesla laws unnecessary, Common Pence donates subway money

Volkswagen has presented a list of near-term technologies to improve fuel economy and decrease emissions. The list includes an addition to a coasting function in its stop-start system, a 10-speed DSG transmission and a more power-dense four-cylinder TDI engine. Volkswagen aims to be the world's most sustainable automaker by 2018 through electric mobility, improved design and increased environmental performance from internal combustion vehicles. Volkswagen also announced other technologies for increased interactivity and connectivity in its vehicles. Read more at Green Car Congress. Commence Pence is a system that allows subway riders in London to donate their unused transit money to charity. People visiting the city often load up enough on their subway card (called Oyster Card) to get them through their trip and end up with unused funds leftover. Zander Whitehurst, a British designer, has created a device that can use the card's RFID to accept leftover funds, which then get diverted to charity rather than reverting back to the agency in charge of running the subway fare system. See the video below or read more at Wired. Mike Jackson, CEO of AutoNation has called Michigan's efforts to ban Tesla's direct sales in the state "unnecessary protectionism." The statement comes as a bit of a surprise, as it dissents from the majority of auto dealers who support a franchise model, as well as laws that forbid automakers selling directly to the consumer. "If Elon Musk wants to make a mistake and go with an inefficient distribution system, that's his right as an American," says Jackson, showing he feels he has little to fear from the electric automaker. Jackson has more to say on the matter, which you can read over at Green Car Reports. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Tesla Stores Around The World View 22 Photos News Source: Green Car Congress, Wired, Green Car ReportsImage Credit: Rick Bowmer / AP Government/Legal Green Tesla Volkswagen Fuel Efficiency Transportation Alternatives Electric recharge wrapup