News service Reuters reported that Volkswagen, the largest carmaker in Europe, has agreed to buy a 19.9% stake in suzuki Motor Corp. for $2.5 billion. VW and suzuki plan to jointly develop vehicles for emerging markets and aim to challenge the global leader in vehicle production, Toyota Motor Co.
The move gives Volkswagen a stronger presence in two of the emerging world markets, India and China. Maruti suzuki India Ltd., reportedly makes half of all cars sold in India, while China is set to surpass the U.S. this year as the world’s largest car market.
issued: Monday, December 28, 2009
updated: Monday, December 28, 2009
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