Volkswagen denies claims that it plans to sell Lamborghini or float an IPO

Volkswagen spokesperson has denied the claims from the recent Bloomberg report claiming that the German conglomerate plans to sell off Lamborghini or even an IOP for the Italian supercar brand.

By: | Published: October 14, 2019 11:11 AM

Lamborghini Aventador SVJ 63 Roadster

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 here 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 chief executive Herbert Diess in March said the company was reviewing its portfolio of brands, which also include Ducati and Bentley, and whether to divest some non-core 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 automaker 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 chief executive and chairman between 1993 and 2015, acquiring Bentley, Bugatti and Lamborghini in a single year.

Do you know What is Automated Manual Transmission (AMT), Electronic Brakeforce Distribution (EBD), Anti-Lock Braking System, Power Steering? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Get the latest cars price and upcoming bikes price in India exclusively at Financial Express. Stay tuned for new cars and bikes reviews, follow us on twitter, Facebook and subscribe us on YouTube for latest auto news.

Next Stories
1Honda 150cc motorcycles that were fun-to-ride but didn’t do well in India
2Massive discount on Triumph Street Triple RS: Free Arrow exhaust too!
3BMW 5 Series facelift interiors spied: Bigger infotainment, new features!