Volkswagen denies plans to sell Lamborghini
Car giant responds to report that it may ditch noncore brands as it chases electric-car volumes
Volkswagen on Sunday said that it has no plans for a sale or an initial public offering of luxury brand Lamborghini, after Bloomberg reported that it was considering shedding the unit.
Bloomberg reported on Friday that Volkswagen was readying to fold Lamborghini into a separate legal entity, in a process that may wind up toward the end of next year, and to focus VW's future expansion on the group’s main global brands Volkswagen, Porsche and Audi.
"There are no plans for a sale or IPO of Lamborghini. Speculation to this effect is unfounded", a Volkswagen spokesman told Reuters on Sunday.
Volkswagen CEO Herbert Diess in March said the company was reviewing its portfolio of brands, which also include Ducati and Bentley, and whether to divest some noncore businesses.
Last month, Diess said the company was working to free up resources for the development and mass production of electric cars.
Streamlining the brand line-up at the world’s biggest carmaker could limit prospects for smaller and less geographically diversified divisions such as Skoda and Lamborghini, Bloomberg reported on Friday, citing people familiar with the matter.
Volkswagen had aggressively expanded under the leadership of Ferdinand Piech, who was CEO and chairman between 1993 and 2015, acquiring Bentley, Bugatti and Lamborghini in a single year.
MOTORING PODCAST | Racing the Devil