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Osamu Suzuki still believe Suzuki and GM will work together in future!
By Amarendra Bhushan for CEOWORLD Magazine Updated:November 26, 2008
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GM, which once owned 20 percent of Suzuki, sold the last 3 percent back to the Japanese carmaker last week as it scraped around for cash to avoid a bankruptcy filing. Suzuki Motor Corp. Chairman and Chief Executive Osamu Suzuki said Wednesday that the company will continue its tie-ups with General Motor Corp. (GM) even though the two companies dissolved their capital alliance last week.
“We will continue our relationships with GM in the future,” the CEO told reporters after a press conference.
GM sold its 3% stake in Suzuki last week in a bid to raise about $230 million.
When asked about what the company would do if GM files for Chapter 11, the CEO said he doesn’t expect the U.S. auto maker to decide to do that.
Suzuki said his company would continue to work with GM on the development of future safety and environmental technologies. They have more than 10 ongoing projects including Suzuki’s production of Opel brand cars and joint ownership of several factories in the Americas.
Suzuki repeated, however, that he was open to working with any number of carmakers in future, stressing a capital alliance was not a pre-requisite for cooperation.
Suzuki co-develops diesel engines with Italy’s Fiat SpA and builds cars for Nissan Motor Co and Mazda Motor Corp, among others.
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