FRANKFURT -- Volkswagen AG and Suzuki Motor Corp. said they have no plans to end their partnership after a report by the German newsletter Platow Brief said the automakers will terminate their alliance.
VW spokesman Michael Brendel said on Monday that the report was "nonsense." A Suzuki spokesman said the company has no plans to end the partnership with VW and denied the report.
VW is reviewing its partnership with the Japanese automaker as cooperation has been developing more slowly than expected, Chief Financial Officer Hans Dieter Poetsch said July 28.
VW bought a 19.9 percent stake in Suzuki for 222.5 billion yen ($2.86 billion) in January 2010 to expand in India and other emerging markets.
Suzuki is also questioning its alliance with VW as the carmaker evaluates the overall basis for cooperation with the German company rather than new projects or cars, Executive Vice President Yasuhito Harayama said July 18.
Volkswagen originally planned to develop hybrids and electric vehicles with Suzuki under both car brands.
Suzuki controls Maruti Suzuki India Ltd., the maker of half of all cars sold in India, helping VW to increase its presence in the Asian market as it seeks to become the world's biggest automaker by 2018.