Volkswagen AG denied that it is planning to sell or float its Italian sports car brand Lamborghini, Reuters reported Oct. 13, citing a company spokesperson.
The German carmaker said the Oct. 11 Bloomberg News report that said it has started preparations to spin off Lamborghini is "unfounded." Bloomberg, which cited people familiar with the matter, said the sale or IPO process was expected to be completed by the end of 2020.
"There are no plans for a sale or IPO of Lamborghini. Speculation to this effect is unfounded," the spokesman reportedly told Reuters.
The Bloomberg story also cited Volkswagen CEO Herbert Diess' interview with German-language newspaper Sueddeutsche Zeitung, which said the executive wanted to focus future expansion on the group's flagship brands such as Volkswagen, Porsche and Audi in a bid to allocate resources more efficiently as the group has 12 brands.
"We shouldn't spread ourselves too thin... That might be hard in some cases, but it's the only viable way," Diess reportedly said.
