VW, Tata end cooperation on small cars, new mobility

VW, Tata end cooperation on small cars, new mobility

"The two companies have come to the conclusion that at the present point of time the technical and economic synergies can not be realized in the desired way", Skoda said on Thursday, confirming a Reuters story.

The collapse of the talks foils a VW effort to develop a cheap vehicle platform for Asian markets, after an earlier alliance with Japan's Suzuki also fell apart.

Just five months they forged a tie-up for platform and technology sharing, Tata Motors and Volkswagen Group's Czech-based subsidiary Skoda have walked off the altar.

Tata Motors, on the other hand, has been seen focussing on revamping its commercial vehicle business, which is its biggest revenue generator, yet has been consistently losing marketshare to the likes of Ashok Leyland and BharatBenz.

Tata Motors Chief Executive Günter Butschek - a German automotive and aerospace industry veteran who joined the Indian company past year - said: "We have evaluated the technical feasibility and degree of synergies for the envisioned partnership".

Markets Right Now: Stocks drop, led by technology companies
The 30-year Treasury bond rose 27/32 in price to yield 2.8252 percent, from 2.867 percent late on Tuesday. Platinum for October went up 1.6 dollars, or 0.16 percent, to settle at 976.1 dollars per ounce.

The MoU was signed in March during Geneva Auto Show with Tata Motors expecting to roll-out the vehicle by 2019. The AMP platform of the Indian manufacturer was to serve as a basis for a possible low-priced vehicle.

The end to the agreement could be a huge setback for the two groups since the joint initiative would have made a huge difference to their individual auto businesses, which desperately needed volumes to stay relevant in the country.

Skoda and Tata Motors, however, do not exclude future cooperation given the "intense and constructive discussions of recent months", he adds. Talks included the joint development of vehicle components and concept cars. "But VW has changed a lot structurally since the Suzuki debacle, so we'll keep trying".

VW and Skoda have made a decision to explore VW's MQB platform for possible further synergies, the source said.

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