Reuters: Bankruptcy News: UPDATE 1-Suzuki to end car sales in U.S., focus on motorcycles

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UPDATE 1-Suzuki to end car sales in U.S., focus on motorcycles Nov 6th 2012, 00:24 Mon Nov 5, 2012 7:24pm EST * American Suzuki Motor to file for Chapter 11 protection * Strong yen, small-car lineup hurt U.S. sales * Focus in U.S. will be on motorcycles, ATVs, boats Nov 5 (Reuters) - Japan's Suzuki Motor Corp said it will shutter its unprofitable automobile sales business in the United States and instead focus on its motorcycle, ATV and marine boat sales, as it fights a strong yen and slumping U.S. demand for its small cars. American Suzuki Motor Corp, the sole distributor of Suzuki Motor Corp vehicles in the continental United States, will file for Chapter 11 bankruptcy protection with $346 million in debt, of which $173 million is owed to Suzuki group companies, it said. Japan's No. 4 automaker said in a statement that it would be unable to maintain profitability in its automobile business in the United States, given the currency rate and its automobile lineup, made up primarily of small cars. American Suzuki, which sold 2,023 vehicles in the United States last month, plans to compensate car dealers as it phases out automobiles to focus on motorcycles, ATVs and marine boat products. Shares of Suzuki were down 1.7 percent at 1,802 yen in early morning trade. Link this Share this Digg this Email Reprints

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