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GM Finds Extra $230 Million in Sale of Suzuki

GM Finds Extra $230 Million in Sale of Suzuki

By Colin Mathews's avatar Colin MathewsColin Mathews November 17th, 2008

creative commons - flickr.com: http://www.flickr.com/photos/mattdesmond/2180250029/

creative commons - flickr.com: http://www.flickr.com/photos/mattdesmond/2180250029/

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Scrambling through the couch cushions for enough loose change to keep it solvent for the time being, GM offloaded its 3 percent stake in Japan's Suzuki Motor Corporation to the tune of $230 million, said Automotive News. Having burned through nearly $7 billion in the last quarter alone, $230 million seems a trifling amount of money in comparison, and GM seems to be treading water with increasing desperation as its waits for promised Federal assistance.

CEO Rick Wagoner claims that despite the sell-off, GM and Suzuki will remain in partnership on various vehicles and ventures. Collaborations include hybrid vehicles, fuel cell vehicles, global purchasing, and the CAMI assembly plant in Canada that produces the Suzuki XL7 SUV, Chevrolet Equinox SUV, and Pontiac Torrent SUV. GM has said that at its current spending rates, it might go out of business early next year if it does not receive an infusion of capital from the Federal Government.

Across town, Ford Motor Company is considering a similar move with Japan-owned Mazda. Ford has a much bigger stake in Mazda, at 33 percent, and it too burned through huge amounts of cash in the third quarter: $7.7 billion, to be exact.--Colin Mathews
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Make sure you check out our partner sites dedicated to focused news, reviews and more for Ford, Chevrolet, Toyota, Honda, and the Toyota Prius. creative commons - flickr.com: http://www.flickr.com/photos/mattdesmond/2180250029/Enlarge PhotoScrambling through the couch cushions for enough loose change to keep it solvent for the time being, GM offloaded its 3 percent stake in Japan's Suzuki Motor Corporation to the tune of $230 million, said Automotive News. Having burned through nearly $7 billion in the last quarter alone, $230 million seems a trifling amount of money in comparison, and GM seems to be treading water with increasing desperation as its waits for promised Federal assistance. CEO Rick Wagoner claims that despite the sell-off, GM and Suzuki will remain in partnership on various vehicles and ventures. Collaborations include hybrid vehicles, fuel cell vehicles, global purchasing, and the CAMI assembly plant in Canada that produces the Suzuki XL7 SUV, Chevrolet Equinox SUV, and Pontiac Torrent SUV. GM has said that at its current spending rates, it might go out of business early next year if it does not receive an infusion of capital from the Federal Government. Across town, Ford Motor Company is considering a similar move with Japan-owned Mazda. Ford has a much bigger stake in Mazda, at 33 percent, and it too burned through huge amounts of cash in the third quarter: $7.7 billion, to be exact.--Colin Mathews --- Make sure you check out our partner sites dedicated to focused news, reviews and more for Ford, Chevrolet, Toyota, Honda, and the Toyota Prius.

Tags: Industry, Manufacturing, Japan, Politics, General Motors

Posted in: 2008, Suzuki, Hybrid



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Responses (5 total)

  1. By Ed #1, Posted: 11/17/2008

    Good Riddance to the stupid Suzuki, but... $230 Million???
    Are they Joking?
    That can hardly keep GM alive for ONE WEEK, let alone a month.

  2. By Reece #2, Posted: 11/18/2008

    if 3% is worth $230M, 100% would be what $7.6 bn, a lot more than GM is worth now!
    Sell mazda then maybe Mazda can buy Ford its stock is so worthless

  3. By JKD #3, Posted: 11/18/2008

    "Stupid" Suzuki? WTH? GM could use a few lessons from them.

  4. By Reece #4, Posted: 11/19/2008

    Agree with JKD, Suzuki is everything GM isn't. forward thinking, makes excellant small cars that the consumer wants and buys and above all is profitable! Stupid Suzuki? only if you consider what GM has been doing to be smart.

  5. By Ed #5, Posted: 11/19/2008

    NOOOOO, Stupid Suzuki compared to the SUCCESSFUL Japanese Importers that make STELLAR Products and not cheapo tin boxes like Suzuki.
    and these are HONDA AND TOYOTA, FYI,
    and compared to the STELLAR Euro Luxury and performance Imports,
    whose GREAT cars you can buy used for HALF the price of an INDEED STUPID Suzuki.
    Got it, geniuses?

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