Listen to this article

Confirming earlier reports, Volkswagen has announced they will buy Italdesign Giugiaro.

While details are limited, Lamborghini Holding S.p.A will acquire a 90.1% stake in the company. The remaining shares will be owned by the Giugiaro family.

According to Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen, "With this shareholding in Italdesign, we are participating in one of the most renowned design and development companies with one of the richest traditions in the automobile industry." He added, "The Volkswagen Group will be continuing its model initiative over the coming years and will benefit from the capacity and competence of Italdesign. The company will therefore be making an important contribution to our 2018 global growth strategy."

As you may recall, Volkswagen and Italdesign Giugiaro have a long history of working together. Giorgetto Giugiaro designed the Golf I as well as concepts for the Passat, Scirocco and Audi 80. More importantly, Italdesign Giugiaro is currently designing the production Volkswagen Up!

Gallery: Volkswagen confirms Italdesign Giugiaro acquisition

Got a tip for us? Email: