Suzuki pulls out of China

Suzuki Motor Corp announced its decision in September to pull out of China after the carmaker known for its minicars failed to offer larger models that consumers favor in the world's largest vehicle market. The Japanese carmaker agreed to transfer its 50 percent stake in Changan Suzuki, its last remaining Chinese venture, to Chongqing Changan Automobile Co for 1 yuan (14.5 US cents). Established in 1993, Changan Suzuki was one of China's first car manufacturing joint ventures. Suzuki's withdrawal from Changan Suzuki came after it left another Chinese joint venture in June, Jiangxi Changhe Suzuki Automobile Co, which was established in 1994.