Monday, November 17, 2008

GM to sell remaining stake of Suzuki

In an effort to gain some cash, General Motors is selling its remaining stake of Suzuki for $230 million. GM owned 3% of Suzuki (enough to make sure the U.S. got some craptastic Korean GM/Daewoo cars and rebadge them as Suzuki products).

Rick Wagoner, GM Chairman and chief executive officer said, "Despite the sale of our remaining Suzuki shares, this action will have no impact on our existing bilateral business relationships. We look forward to continue building on our success to date with our long-term partner." In other words, they're not severing ties. Now, keep in mind there has been a sharing of technology between the two companies; it's not just the importing of GM/Daewoo vehicles in the U.S.

GM has owned a stake in Suzuki since 1981.

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