Despite demand from Chinese carmakers for seductive designs from renowned Italian design houses, firms like Pininfarina, Bertone and Italdesign (IDG) have found making money pretty tricky in the current financial climate.
But help is at hand for the latter at least, with news that the VW Group has acquired a 90.1 per cent stake in the firm, with the founding Giugiaro family retaining the remaining shares.
Speaking at the announcement of the deal, VW Management Chair Dr. Martin Winterkorn said “With this shareholding in Italdesign, we are participating in one of the most renowned design and development companies with one of the richest traditions in the automobile industry.”
Giugiaro designed the original VW Golf and Scirocco, and produced concepts for the Passat and Audi 80. But more recently, the IDG has been collaborating with VW on work on the firm’s new Up! range of fuel-efficient small cars over the last two years.
Taking advantage of taxation rules, IDG was purchased for the VW Group by Italian-registered Lamborghini Holdings. As well as the Up! models, IDG will work on making the firm’s entire line-up more attractive to the ever-growing Chinese market. IDG currently generates sales of over €100 million and has a workforce of 800 employees. For more details click here.
Thanks to: Auto ExpressSource URL: http://carrevieeeew.blogspot.com/2010/05/hot-news-italdesign-is-bought-by.html
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