On Tuesday the Volkswagen Group announced, at a joint press conference with Italdesign Giugiaro, it will take a 90.1 percent stake in the Italian design firm, with the Giugiaro family owning the remaining shares.
With a history of successful cooperation between the two companies, creating concepts like the Volkswagen Passat and Audi 80, Italdesign Giugiaro is already collaborating on the upcoming Volkswagen Up! model lineup.
Volkswagen Board of Management Chairman Winterkorn said this will be a “new era in strategic partnership between these two companies.”
Italdesign Giugiaro has designed some of the most well known production cars, including the Lamborghini Gallardo. Italdesign Giugiaro was founded in 1968 and is regarded as one of the pioneers in Italian automobile design.