Suzuki Motor Corp., a Japanese manufacturer known for its minicars, has exited China as consumers in the world's biggest auto market have shifted purchases to larger sedans and sport utility vehicles.
Suzuki agreed to transfer its 50 percent stake in Changan Suzuki — its last remaining Chinese venture — to Chongqing Changan Automobile Co. as soon as legal proceedings are completed, according to a statement Tuesday. Changan will continue to make and sell Suzuki-branded cars in China under a license.
The retreat from China after a quarter of a century follows an exit from the U.S. car market in 2012 after three decades there. The maker of the Swift and Wagon R continues to be a dominant force in India, one of the world's fastest-growing major car markets, with its local entity Maruti Suzuki selling about one of every two cars in the country of 1.2 billion people.
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