Europe's largest carmaker, Volkswagen, is considering selling its design subsidiary Italdesign, according to union sources.
Union representatives stated on Monday, following a meeting with Italdesign management, that a partnership or other options were also possible. The company has reportedly received four or five expressions of interest. Offers from competitors or financial investors are not being considered by Volkswagen. Gianni Mannori of the Fiom union said the process could take several months. Audi, which oversees the design subsidiary, has already launched a preliminary review to prepare the unit for a potential sale.
An Audi spokesperson commented that the company regularly reviews its strategic direction, which includes its portfolio of holdings. She declined to provide further details. The Ingolstadt-based automaker is currently undergoing restructuring, resulting in thousands of job cuts in Germany. Most recently, weak demand for the electric luxury SUV Q8 e-tron led to the closure of the Brussels plant after an unsuccessful search for a buyer. Italdesign, which designs and develops cars, employs a total of 1,300 people.
(Reporting by Giulio Piovaccari, written by Christina Amann, edited by Sabine Wollrab. For inquiries, please contact our editorial team at Berlin.Newsroom@thomsonreuters.com (for politics and economics) or Frankfurt.Newsroom@thomsonreuters.com (for companies and markets).
