Just months after offloading Italdesign, Volkswagen Group’s appetite for trimming its Italian portfolio appears far from satisfied. Fresh reporting from the Financial Times suggests that two of the group’s most prized possessions, Lamborghini and Ducati, are once again being discussed internally as potential sale or part-sale candidates to help fund the carmaker’s enormous transformation costs.
A Sale That Once Seemed Impossible
For Italy’s automotive world, this would be no small story. Italdesign, the studio behind the Fiat Panda, Lancia Delta and original Volkswagen Golf, has already changed hands. Now two unmistakably “Made in Italy” names sit under the spotlight.
Last year Volkswagen handed a majority stake in Italdesign to Indian conglomerate UST. At the time, the company insisted little would change day to day, with the Turin base, staff and Italian character all staying intact. Yet the deal made one thing clear: Wolfsburg is willing to reshape its business empire to keep the bigger transformation plan funded.
Why Volkswagen Needs the Cash
The backdrop here is a brutal restructuring drive. Volkswagen is working through a plan that could see as many as 100,000 jobs cut and several German factories shuttered. At the same time, the group still has to pour tens of billions of euros into EVs, battery production, software and autonomous driving systems, none of which come cheap.
A recent 51 percent sale of Everllence, the marine and industrial engine specialist, brought in roughly 7.4 billion euros (R138.75 billion). Analysts reckon a large chunk of that windfall will simply be swallowed by restructuring bills rather than reinvested in new technology.
Lamborghini and Ducati Back in the Spotlight
Both brands keep surfacing in conversations among financial advisors mapping out Volkswagen’s options, and it’s easy to see why. Lamborghini consistently posts some of the fattest profit margins in the entire industry, while Ducati carries a fiercely loyal following and a brand image that punches well above its size.
Talk of a standalone Lamborghini listing isn’t new. Industry watchers have floated the idea of an IPO for years, a move that would let Volkswagen bank fresh capital while still holding onto a slice of the Sant’Agata marque. Ducati, meanwhile, has already walked right up to the exit door once before.
Ducati’s Near Miss in 2017
Back in 2017, in the aftermath of Dieselgate, Volkswagen actually kicked off a process to sell Ducati to help bankroll its pivot toward electrification. Serious suitors lined up, among them Investindustrial, Bain Capital and the Benetton family, with bids said to be hovering around 1.5 billion euros (R28.13 billion).
That deal never happened. German labour representatives, who carry real weight on Volkswagen’s supervisory board, pushed back hard against the sale. There was also friction between Volkswagen and Audi, which has owned Ducati since 2012 and wasn’t keen to let it go.
What’s Different Nine Years Later
The landscape today looks nothing like 2017. Competition from Chinese manufacturers has intensified sharply, EV investment demands have ballooned, and Volkswagen’s share price has slid considerably since Oliver Blume took over as CEO. All of that adds pressure that simply wasn’t there the first time Ducati’s sale was on the table.
No Decision Yet, But the Door Isn’t Closed
For now, Volkswagen has not confirmed any intention to sell either brand, and no final call has been made. Other avenues are reportedly being explored too, including bringing in outside investors for parts of the battery, software and autonomous driving businesses rather than offloading entire marques.
Still, the fact that Lamborghini and Ducati keep coming up in these discussions says a lot about the pressure Europe’s largest carmaker is under. After watching Italdesign change hands, the idea of Lamborghini or Ducati eventually leaving the Volkswagen fold no longer feels far fetched.