German car giant Volkswagen announced yesterday that it would buy a 19.9 percent stake in Japan’s Suzuki Motor Corp by next month, with Suzuki also acquiring a stake in Europe’s biggest carmaker.
No financial details were released but a statement said Suzuki “intends to invest up to one half of the amount received from Volkswagen into shares of Volkswagen.”
The two groups said they had “reached a common understanding to establish a close long-term strategic partnership” and a joint press conference was scheduled later yesterday in Tokyo.
PHOTO: BLOOMBERG
The alliance could create a broad sales network in Asia since Volkswagen already has a strong presence in China, while Suzuki is a big player in India, the Japanese daily Yomiuri Shimbun noted.
“In terms of product portfolio, global distribution and manufacturing capacities, Volkswagen and Suzuki ideally complement each other,” the statement said.
Volkswagen has just bought 49.9 percent of the German luxury sports car maker Porsche and will acquire all of the company by 2011, making Porsche its 10th brand.
The head of Volkswagen’s supervisory board, Ferdinand Piech, has said he sees Volkswagen eventually owning 12 brands.
Commenting on the alliance with Suzuki however, the statement said “both companies will establish a cooperative relationship while respecting each other’s independence as a stand-alone entity.”
“The companies plan a joint approach to the growing worldwide demand for more environmentally friendly vehicles,” it said.
GEARING UP: An invasion would be difficult and would strain China’s forces, but it has conducted large-scale training supporting an invasion scenario, the report said China increased its military pressure on Taiwan last year and took other steps in preparation for a potential invasion, an annual report published by the US Department of Defense on Wednesday showed. “Throughout 2023, Beijing continued to erode longstanding norms in and around Taiwan by employing a range of pressure tactics against Taiwan,” the report said, which is titled “Military and Security Developments Involving the People’s Republic of China (PRC) 2024.” The Chinese People’s Liberation Army (PLA) “is preparing for a contingency to unify Taiwan with the PRC by force, if perceived as necessary by Beijing, while simultaneously deterring, delaying or denying
‘ONE BRIDGE’: The US president-elect met with Akie Abe on Dec. 15 in Florida and the two discussed a potential Taiwan-China conflict’s implications for world peace US president-elect Donald Trump has described Taiwan as “a major issue for world peace” during a meeting with Akie Abe, the widow of late Japanese prime minister Shinzo Abe, Japanese newspaper the Yomiuri Shimbun quoted sources as saying in a report yesterday. Trump met with Akie Abe on Dec. 15 at the Mar-a-Lago estate in Florida, where the two discussed the Russo-Ukrainian war and the situation in the Taiwan Strait. During the meeting, Trump spoke on the implications for world peace of a potential Taiwan-China conflict, which “indicated his administration’s stance of placing importance on dealing with the situation in
QUICK LOOK: The amendments include stricter recall requirements and Constitutional Court procedures, as well as a big increase in local governments’ budgets Portions of controversial amendments to tighten requirements for recalling officials and Constitutional Court procedures were passed by opposition lawmakers yesterday following clashes between lawmakers in the morning, as Democratic Progressive Party (DPP) members tried to block Chinese Nationalist Party (KMT) legislators from entering the chamber. Parts of the Public Officials Election and Recall Act (公職人員選舉罷免法) and Constitutional Court Procedure Act (憲法訴訟法) passed the third reading yesterday. The legislature was still voting on various amendments to the Act Governing the Allocation of Government Revenues and Expenditures (財政收支劃分法) as of press time last night, after the session was extended to midnight. Amendments to Article 4
ALLIANCE: Washington continues to implement its policy of normalizing arms sales to Taiwan and helps enhance its defense, the Ministry of Foreign Affairs said US President Joe Biden on Friday agreed to provide US$571.3 million in defense support for Taiwan, the White House said, while the US State Department approved the potential sale of US$265 million in military equipment. Biden had delegated to the secretary of state the authority “to direct the drawdown of up to US$571.3 million in defense articles and services of the Department of Defense, and military education and training, to provide assistance to Taiwan,” the White House said in a statement. However, it did not provide specific details about this latest package, which was the third of its kind to
RSS