Suzuki Ends US Car Sales, GM Factory Exits Korea: Consumer Business Recap
Suzuki Motor Co. (SZKMF.PK) says that it will no longer sell cars in the United States after 27 years and will now concentrate on all-terrain vehicles, motorbikes, and marine equipment such as outboard motors. The decision comes after its operations in the U.S. entered bankruptcy protection on Monday. Before that, Suzuki was impacted by the strong yen, a weak line-up and strict regulation.
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A123 Systems (AONEQ.PK) has been granted court approval for $50 million in Debtor-in-Possession financing from Wanxiang Group Corporation. Meanwhile, the former continues talks with Johnson Controls (NYSE:JCI) in regards to bidding procedures linked with the asset purchase agreement the companies signed.
General Motors (NYSE:GM) announces that it will not manufacture the next-generation Chevrolet Cruze in South Korea. This move raises the possibility that assembly of the model could be transferred to Europe to reinforce efficiency in the firm’s operations on the Continent.
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