Volkswagen Group to sell Audi owned Italdesign design house

Italdesign is one of the three Italian brands under the VW Group, together with Ducati and Lamborghini.

Italdesign, one of the most iconic design houses renowned for many exquisite designs, is reportedly up for sale.

Owned by the Volkswagen Group, the sale will help the company save costs amid its current financial woes. Italian newspaper Corriere della Sera first reported the news of Italdesign's situation. Audi has been Italdesign's owner since 2010. Italdesign is one of the three Italian brands under the VW Group, together with Ducati and Lamborghini.

The move is speculated to be part of a larger restructuring in the VW Group, which is facing a deep financial and strategic crisis amid the transition to electric vehicles. Audi recently announced job cuts, while the VW Group as a whole is cutting 35,000 jobs.

Interested buyers have not been named yet, but it is said that non-European, non-automotive multinational engineering firms have shown interest. Italdesign currently employs over 1,000 workers, so Italian labour unions are concerned about unemployment. A meeting has been scheduled later this month that could reveal more information on the happenings.

About Italdesign:

Italdesign was founded in 1968 by Aldo Mantovani and Giorgetto Giugiaro, and since then, it has created some of the most recognised nameplates in history. These include the first generation Volkswagen Golf, the DeLorean DMC-12, BMW M1, Lotus Esprit, Lancia Delta and many more. Italdesign has even penned designs for Chinese brands. One of its latest creations is the Italdesign Quintessenza.

Source: Car Buzz