VW is facing a far-reaching restructuring, examining the sale of several peripheral businesses to become leaner and rely on new ownership structures. Decisions are expected quickly, but many details remain unclear.
The potential sale of Italdesign, a company deeply rooted in VW’s history, is causing concern and prompting skilled workers to leave.
## Tough austerity measures at VW
VW aims to divest from activities outside its core business, including Italdesign in Moncalieri, Turin, currently fully owned by Audi.The group cites “active” investment management but hasn’t commented on the design studio’s future, as reported by the “Frankfurter Allgemeine Zeitung”.
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This austerity course is facing resistance. Trade unions criticize the lack of openness, with Gianni Mannori from Fiom stating to the FAZ: “The employees have long felt part of the VW Group, now they are disappointed by this treatment.”
## VW subsidiary does not see itself as a problem
Italdesign reports recent sales of around 330 million euros with a net profit of approximately 30 million euros. The company operates globally, with 70% of sales in Germany and only 11% in italy, and has expanded beyond the automotive sector.
Despite these figures, VW is considering a sale. Potential buyers include the Indian-American group UST Global, which has completed an audit, and a newly formed Italian consortium. Employee representatives are critical of UST Global due to its lack of automotive experience and focus on digital conversion.
+++ VW reaches milestone – “For the first time in history” +++
The Italian consortium, formed recently, includes Gruppo Adler and CDP, supported by former managers from Ferrari, Fiat, and Magneti Marelli, and backed by a 50 million euro loan from Italian banks.
More news:
the Italian government favors keeping Italdesign Italian, potentially opening it up to customers like the Stellantis Group. VW’s reaction to such a collaboration with a competitor remains unknown.
The uncertainty is impacting the company, with around 60 engineers already departing. Union representative Mannori urges VW: “It is indeed vital now that Volkswagen does not decide anything hastily.” however, VW management is determined to proceed.
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