Italdesign, the design house responsible for some of the world’s most iconic cars and exquisite creations, ranging from the VW Golf Mk1 to the ultra-rare Nissan GT-R50, is reportedly up for sale. The renowned styling firm is said to be in active due diligence for a potential acquisition that will help its parent company, the Volkswagen Group, to 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. Under the Volkswagen Group, Italdesign is one of the three Italian brands under the German conglomerate, together with Ducati and Lamborghini.
VW Group Is Reportedly In Deep Financial Crisis
According to the newspaper, the move appears to be part of a larger restructuring within the Volkswagen Group, which is facing a deep financial and strategic crisis amid the transition to electric vehicles. Audi has announced job cuts recently, with the VW Group as a whole cutting over 35,000 jobs. This crisis is reportedly putting pressure on VW Group’s subsidiaries, especially those outside Germany.
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Interested buyers were not named in the report, though it claimed that there were non-European, non-automotive multinational engineering firms showing interest. With over 1,000 workers employed by Italdesign, Italian labor unions are currently concerned about unemployment. A meeting later this month has been scheduled, so we expect more concrete information about the matter soon.
One Of The World’s Most Iconic Design Firms
Italdesign was founded in 1968 by Aldo Mantovani and the legendary Giorgetto Giugiaro, and since then, it has created some of the most recognized nameplates in history. One of them is the first-generation Volkswagen Golf, sold as the Rabbit in the US. Other notable creations by Italdesign include the Hollywood-famous DeLorean DMC-12, BMW M1, Lotus Esprit, and Lancia Delta, among many others.
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During its sting under Audi, Italdesign wasn’t transformed into an in-house design subsidiary, continuing its legacy of penning beautiful cars for brands outside the VW umbrella – even for Chinese auto brands. One of its latest creations is the Italdesign Quintessenza, a piece of overlanding art that pushed the boundaries of automotive design.
Source: Corriere della Sera via Automotive News
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