Suzuki Motor Corp. is pulling out of China after dissolving its last remaining auto-making partnership in the world’s biggest car market. Suzuki agreed to transfer the 50% stake it holds in Changan Suzuki to Chongqing Changan Automobile Co. as soon as legal proceedings are completed, it said in a statement today. Suzuki will continue licensing of production and sales of Suzuki models to Changan Suzuki.
Sales of the Suzuki Changan joint venture declined 27% last year, according to Bloomberg Intelligence data. Suzuki dissolved its other Chinese venture, a 23-year-long partnership with Jiangxi Changhe Automobile Co., in June.