Shanghai (ZXZC)- Chongqing Changan Suzuki Automobile Co.,Ltd. (Changan Suzuki), formerly the joint venture between Changan Automobile and Suzuki, has changed its name to Chongqing Lingyao Automobile Co.,Ltd. (Lingyao), according to the corporate data platform Tianyancha.

Lingyao has a line of businesses including the production and sale of cars, engines and auto parts, the supply of after-sales services, and the R&D of relevant products and technologies, according to Tianyancha.

Photo credit: Changan Suzuki

Changan Suzuki was founded in May 1993 with a registered capital of $190 million. Three shareholders, namely, Changan Automobile, Suzuki Motor and Suzuki (China) Investment Co.,Ltd, possessed 50%, 40% and 10% stake respectively in the joint venture.

Changan Suzuki rolled out such Suzuki-branded models as the Swift, the new Alto and the Vitara. It had an annual sales volume topping 200,000 units in its heyday. However, the joint venture was seeing its sales decline year by year after 2011 as its small-sized vehicle strategy does not befit the general consumer preference to larger-sized models. In 2017, the sales volume even failed to reach 100,000 units.

With the sales sliding, Suzuki mulled over the idea to bow out of China market. In 2018, the Japanese automaker announced it would sever the partnership with Changan Automobile to withdraw from Changan Suzuki. The Chinese parent agreed to acquire the other 50% stake in Changan Suzuki, which was previously owned by Suzuki Motor and Suzuki (China) Investment Co.,Ltd, with 1 yuan.

According to Tianyancha, the joint venture became the wholly-owned subsidiary of Chongqing Changan Automobile Co.,Ltd. in November 2018 after the two Japanese companies pulled out of the list of shareholders.