Audi to Sell Design Firm That Worked on First VW Golf to UST

Volkswagen AG’s Audi has reached an agreement to sell a majority stake in its Italdesign Giugiaro SpA subsidiary to California-based technology company UST.

Audi’s performance-car brand Lamborghini will “retain a significant stake” in the Italian design business, the carmaker said in a statement Wednesday. “Audi will remain a strategic partner of Italdesign in the long term, as well as an important client of the company.”