Vw will announce Tuesday that it will take a 90% stake in Italdesign Giugiaro

Article by Christian A., on August 25, 2010

Volkswagen AG is set to announce that it will acquire a 90% stake in Italdesign Giugiaro S.p.A, some sources told Automotive News Europe. VW is expected to announce the takeover at the Moncalieri, Turin headquarters of Italdesign, which is known for having styled cars such as the first-generation VW Golf. The remaining 10% stake will be retained by the Giugiaro family.

VW has plans to obtain control of Italdesign so that it can hit sales of 10 million vehicles a year and be known as the world's biggest automaker by 2018.

For VW to attain that goal, more designers and engineers will have to be added to its 10-brand group, including Porsche. For 2010, the VW group will be adding 60 models, including upgrades. Presently, Italdesign is served by 975 employees and 800 computer aided design workstations.

Italdesign was co-founded in 1968 by Giorgetto Giugiaro (chairman). He will continue working at the company, along with his son Fabrizio, who is the head of the design and model division.

Italdesign's financial results are not readily available. The latest information that was released included a 6.2% increase in 2008 revenues to 136 million euros ($166 million), an operating breakeven.

If you liked the article, share on:

Comments

Recommended

November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
All is set for Volkswagen’s plans to enter the electric vehicle game, as prompted by the so-called Dieselgate scandal. In fact, the German carmaker has already made a commitment to...
by - November 17, 2017
As BMW has already revealed, the next generation of the BMW M5 (F90) is a four-wheel drive high-performance sedan with overwhelming power output and torque at its disposal. However, it...
by - November 17, 2017
McLaren unveiled a one-off Gold - on - Black 720S at the 2017 Dubai Motor Show which will be on display throughout the entire stretch of this week’s event. The...
by - November 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries