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