Volkswagen AG, Europe’s largest carmaker, agreed to pay 222.5 billion yen ($2.5 billion) for a 19.9 percent stake in Suzuki Motor Corp. and jointly develop vehicles for emerging markets to challenge global leader Toyota Motor Corp.
VW and Suzuki plan to develop hybrids and electric vehicles under both car brands, Suzuki Chief Executive Officer Osamu Suzuki said today at a joint press conference with VW in Tokyo. Suzuki will buy as much as 50 billion yen in Wolfsburg, Germany- based VW’s ordinary shares, he said. VW will become the top shareholder in Hamamatsu, Japan-based Suzuki.
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