Latest news with #Volkswagen-branded
Yahoo
20-05-2025
- Automotive
- Yahoo
Volkswagen considers sale or partnership for Italdesign unit
Volkswagen is contemplating to divest its design and engineering unit, Italdesign, as part of its strategy to revamp European operations, reported Reuters, citing union representatives. The German automaker is exploring options, including a sale or partnership for the Turin-based unit, according to union representatives from Italian Federation of Metalworkers (Fiom) and FIM Cisl after a meeting with Italdesign management. The move comes as Volkswagen faces increased competition and a challenging European car market. Audi, which fully owns Italdesign, is reviewing its strategic alignment, including its holdings. Audi's spokesperson was quoted by the news agency as saying, the company 'continuously reviews its strategic alignment, including its holdings." Italdesign employs approximately 1,350 people, with 1,100 based in Turin, and reported a turnover of $374m last year. Union representatives revealed that Volkswagen has received preliminary interest from four or five parties but is currently not considering offers from competitors or financial groups. Rocco Cutrì, head of FIM Cisl union in Turin, mentioned that Audi is conducting preliminary due diligence at Italdesign to prepare for the plan. Founded in 1968 by Giorgetto Giugiaro, Italdesign has created models for brands like Volkswagen, Fiat, Alfa Romeo, and Audi. Volkswagen acquired Italdesign in 2010 and assumed full ownership in 2015. Volkswagen recently announced significant changes to its German operations, including job cuts and capacity reductions. The company ended Volkswagen-branded car production in Dresden and Osnabrueck and is exploring alternative uses for these plants. Audi also closed its Brussels plant after failing to find a buyer. Also, Volkswagen Group reported a mixed start to the fiscal year, with operating profit in Q1 FY2025 down 37% at €2.9bn, despite a 3% increase in sales revenue to €78bn and a 1% rise in unit sales to 2.1m vehicles. "Volkswagen considers sale or partnership for Italdesign unit" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
19-05-2025
- Automotive
- TimesLIVE
VW considering sale or partnership for Italdesign, say unions
Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German carmaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori said. Rocco Cutrì, head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs.
Yahoo
19-05-2025
- Automotive
- Yahoo
Volkswagen weighs plan to sell or find partner for Italdesign, unions say
MILAN (Reuters) -Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German automaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen, has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori added. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Automotive
- Yahoo
Volkswagen weighs plan to sell or find partner for Italdesign, unions say
MILAN (Reuters) -Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German automaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen, has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori added. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
