After weeks of speculation, things have been finally made official. The Volkswagen Group has announced that they have bought 90.1% of the Italian design company Italdesign, previously owned by the Giugiaro family. Unfortunately, they did not offer any financial details, so we do not know how much they paid for this transaction. The Giugiaro family will keep a 9.9% stake in the company Italdesign.
This move is part of the global expansion plan by Volkswagen, as Italdesign generates sales of over 100 million Euros and has a workforce of about 800 people. The 90.1% stakes in Giugiaro will be bought by Lamborghini Holding S.p.A, which is the subsidiary of Audi (which itself is the subsidiary of the Volkswagen Group).
Italdesign was founded by Giorgetto Giugiaro and Aldo Mantovani back in 1968 in Turin, Italy. The Volkswagen Group probably were satisfied with previous collaborations with Italdesign, as the Italian company designed some famous models of the German group, like the Audi 80, the Volkswagen Scirocco (the first one), the Volkswagen Passat (the first one) and the Volkswagen Golf I. Other important models designed by Italdesign include the Alfa Romeo Brera, the Alfa Romeo 159, the Alfa Romeo 156, the Fiat Grande Punto and others. Currently, neither of the two parts did not specify if Italdesign will continue working on projects for other automakers or if they will be working exclusively for Volkswagen.
Giorgetto Giugiaro, co-founder of Italdesign, has stated ``Becoming part of the Volkswagen Group means revaluating ourselves and our strength. Entering Volkswagen means to open up a promising perspective for the company``.
Martin Winterkorn, Volkswagen CEO, has said that ``The Volkswagen Group will be continuing its model initiative over the coming years and will benefit from the capacity and competence of Italdesign. The company will therefore be making an important contribution to our 2018 global growth strategy``.
|Volkswagen completes acquisition of majority shareholding in Italdesign Giugiaro|
|Volkswagen to buy Italdesign Giugiaro|
|Italdesign Giuriaro Goes Beyond Traditional Market Segmentation|
|Icona Design Fuselage Concept was unveiled|
|Volkswagen of America changes its name|
|Porsche sells 49.9% of stakes for 3.9 billion euro to Volkswagen|
|Nazca concepts are for sale in the Czech Republic|
|One million dollar`s Nissan GT-R50 By Italdesign is coming out|
|Alfa Romeo concept model prepared by Stile Bertone for Geneva Motor Show|
|Volkswagen is cutting dividend after their profits fell down 71 percent|
|Italdesign Giugiaro Parcour GT|
|Ford Mustang Giugiaro Concept|
|Audi Nanuk quattro concept|
|Ssangyong C200 Aero and Eco Concept|
|Toyota Alessandro Volta|
|VW Passat Lingyu Fuel Cell Vehicles US|
|Giugiaro Brivido concept by ItalDesign|
|Latest||Cars & News|
|2018 Buick Enclave review|
|2017 Ford F-250 XLT Super Duty review|
|2015 Audi A8 L Chauffeur review|
|2015 McLaren P1 by MSO review|
|2015 Mercedes-Benz S63 AMG Coupe review|
|2020 Porsche Macan GTS comes to fill Macan S and Macan Turbo range|
|Suzuki Jimny is set to get competition from Jeep|
|Toyota Highlander will be available in petrol only or hybrid powertrain|
|Skoda Rapid facelift was unveiled in Russia|
|McLaren 620R is the limited edition street version of the 570S GT4|