Suzuki departs from final China venture

Japan's Suzuki Motor Corp has decided 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.

Suzuki agreed to transfer its 50 percent stake in Changan Suzuki - its last remaining Chinese venture - to Chongqing Changan Automobile Co for 1 yuan (14.6 US cents), according to a statement from Changan on Wednesday.

The transfer will be completed by the end of the year, but Changan will continue to make and sell Suzuki-branded cars in China under a license.