According to Reuters, two people familiar with the matter revealed that Volkswagen Group is committed to streamlining its business after the emissions scandal and is now considering selling Italian motorcycle manufacturer Ducati and then using the proceeds for strategic restructuring. Volkswagen has commissioned investment bank Evercore to value Ducati and other businesses, and has even begun contacting potential buyers to test their purchasing intentions. However, as of now, the group has not decided whether to divest Ducati. People familiar with the matter said that Ducati's operating income in 2016 was 593 million euros, and its profit before interest, tax, depreciation and amortization was nearly 100 million euros. By selling the motorcycle manufacturer, Volkswagen can obtain 1.5 billion euros in funds, which is 15 times Ducati's core profit. Bankers familiar with the automotive industry believe that potential buyers may pay more than 10 times Ducati's profit. As for potential buyers, Ducati could attract interest from Chinese motorcycle companies, India's Hero Motors, investment consortiums and private equity firms. In 2007, British sports car maker Aston Martin was sold to an automotive investment consortium formed by two international investment institutions. Ducati has won 17 superbike races, so it is very attractive to many companies. It is not yet known whether rivals such as Harley-Davidson, Kawasaki Motors and Honda are interested in Ducati. Audi's 860 million euro acquisition of Ducati in 2012 was questioned by analysts, who said the move would not benefit Audi financially but was motivated by former Volkswagen chairman Ferdinand Piech's interest in Ducati's design and small engines. Now the biggest promoter of the above transaction has resigned as chairman, and even sold his 10.4% stake in Porsche Holding to his brother Hans Michel Piech in early April, and the remaining 4.3% to other family members. The closest bond between Ducati and Audi has been broken. Today, Volkswagen Group is suffering from the emissions scandal, and is burdened with more than $20 billion in compensation and fines. It also needs to spend huge amounts of money to recall or buy back some illegal diesel vehicles. In order to save money, Volkswagen cut jobs at its core brand, Volkswagen, and laid off 30,000 people worldwide. Volkswagen CEO Mullen believes that the group's overexpansion has led to the company's organizational structure being too bloated, so it needs to be streamlined. The sale of Ducati is not the first time Volkswagen has heard such news, nor is it the only brand within the group that is facing a sell-off. Non-core commercial vehicle brands Scania and Kayman, Bentley and Lamborghini are all under consideration. The sale of these brands can bring Volkswagen considerable cash flow, helping it to cope with the huge financial crisis caused by the exhaust gas scandal, and giving it extra money and energy to develop electric vehicles and high-tech. Electric vehicles are not only one of the contents of the settlement agreement reached between Volkswagen and the United States, but also an important measure for the group to deal with exhaust gas emission regulations in various countries. As part of the settlement agreement for illegal diesel vehicles, Volkswagen agreed to increase investment in electric vehicles in the United States, which forced the automaker to spend extra money on research and development costs. The state of California revealed that Volkswagen must add at least three new electric vehicles, including an SUV model, in California by 2020. The average annual sales of these electric vehicles must reach 5,000 units. Moreover, the exhaust scandal has caused Volkswagen to suffer from excessive emissions. In order to reduce the company's average fuel consumption and meet the regulatory requirements of China and the United States, the group must focus on electric vehicles. According to its 2025 development strategy plan, by 2025, the sales of electric vehicles will reach 2 million to 3 million, contributing 20% to 25% of the group's global electric vehicle sales. So far, Audi and Evercore have not commented on the sale of Ducati. At Volkswagen's annual press conference on March 14, when Reuters asked whether the brand sale had been concluded, Mullen said the automaker had no news to announce. As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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