For Sale: VW Got a $9.2 Billion Offer to Buy Lamborghini
Quantum Group, a holding company in Zurich, Switzerland, has offered VW Group $9.2 billion for Lamborghini. There has been no word from VW on whether it plans to negotiate or not. And Quantum wants it all; the manufacturing facility in Sant’Agata, Italy; the motorsports operations, and a five-year supplier deal with Audi. Is Lamborghini for sale?
What would Quantum do with Lamborghini?
According to the UK’s Autocar, Quantum wants to “spearhead innovation by consistently implementing new clean drivetrain technologies.” Quantum also wants to build an Advanced Automotive Innovation Center in Germany for battery development and manufacturing. Additionally, it says the consortium, which includes investment firm Centricus Asset Management, wants the manufacturer as a “technology and lifestyle investment platform.”
There is also a Porsche connection in all of this. Rea Stark of the Piech Automotive Group is representing Quantum. Anton Piëch is the son of former VW Group chairman Ferdinand Piëch and great-grandson of Ferdinand Porsche. If you don’t know who he is, Google it.
The Volkswagen Group owns Automobili Lamborghini which is overseen by Audi. It was originally founded by Ferruccio Lamborghini in 1963. VW purchased the company in 1998 from Indonesian-based Megatech for around $110 million.
Software development and autonomous driving technology would expand its reach
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Quantum is also asking for access to VW intellectual property of electric technology. It will springboard that to expand into software development and autonomous driving technology. There is also mention of developing green materials and investing in e-fuels and hydrogen propulsion.
The current Lamborghini management would be asked to stay and the purchase provides job assurances for all existing employees. Quantum would hire an additional 850 people for the innovation center. There is also the desire for “upscaling” production with an “EV solution” available by 2025.
Audi has said Lamborghini is not for sale
Over the years there have been reports of the VW Group wanting to sell Lamborghini as well as Bugatti and motorcycle manufacturer Ducati. But VW chairman Herbert Diess recently suggested Lamborghini could be wrapped with motorcycle manufacturer Ducati and design house ItalDesign to save operating costs. That killed further talk of a sale. And more recently Audi has come out to said Lamborghini is not for sale.
In December 2020, a Volkswagen supervisory board meeting was held where the company’s plans were discussed. Development for future models was said to be above their assigned budgets, which worried Diess. But it was ultimately decided that rather than sell the company, Audi would continue to oversee it along with the day-to-day operations of Bentley.
Lamborghini sales dropped in 2020 to 7430 units. In 2019 it saw a record amount of sales at 8205 units. The drop was attributed to the COVID-19 shutdown of the manufacturing plant. It was closed for 70 days. However, in spite of the drop profits were up for 2020.
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