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Friday, Dec 03, 2021

Volkswagen says Lamborghini is not for sale - 'full stop'

Volkswagen says Lamborghini is not for sale - 'full stop'

Lamborghini owner Volkswagen Group said Wednesday that the brand is not for sale following reports that it had received a €7.5 billion ($9.2 billion) offer from Switzerland's Quantum Group.

"Lamborghini is not for sale, full stop," said a spokesman for Audi, the Volkswagen subsidiary that controls the luxury carmaker. "Audi AG and the Volkswagen Group [are] not considering this offer."

UK publication Autocar reported on Tuesday that Quantum Group sent a letter of intent to Volkswagen Group earlier this month, laying out terms for the purchase of Lamborghini.

Quantum Group, an investment firm, said it planned to retain the brand's existing management, and offered to protect existing jobs for five years, according to Autocar. It also said it would create up to 850 new jobs by establishing an "innovation center" in Germany.

Quantum Group did not respond to a request for comment.

Rea Stark, a founding partner of Quantum Group, is also co-founder of Piech Automobile with Toni Piech, the son of former Volkswagen Chairman Ferdinand Piech, who oversaw Volkswagen's purchase of Lamborghini in 1998. The chairman of Piech Automobile is former Volkswagen CEO Matthias Müller.

Volkswagen Group (VLKAF) has been pouring investment dollars in electric vehicles, and there have been questions about whether the company would maintain its massive stable of brands amid its transformation. Just last week, Lamborghini said that every one of its offerings would be at least partly electrified by 2024.

In addition to the Audi and Lamborghini brands, the German industrial giant also owns Porsche, SEAT, Skoda, Bentley, Bugatti and Ducati.


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