TURIN -- Italdesign aims to return to its roots as a design and engineering consultant with a diverse portfolio of clients.
The Italian company, which was co-founded by legendary designer Giorgetto Giugiaro, this year celebrates its 50th anniversary. It has been a subsidiary of Volkswagen Group's Audi since 2010 and provides styling, technological and consultancy services, mostly for VW Group companies.
Most of Italdesign's current business comes from Europe and China, but the company aims to win more orders from U.S., Japanese and South Korean companies to have a more balanced geographical distribution.
By 2021, Italdesign wants half of its business to come from outside of VW Group’s 12 brands, CEO Joerg Astalosh told Automotive News Europe.
Non-VW group revenues accounted for 15 percent of Italdesign's business last year, up from 5 percent in 2016 and below 2 percent in 2015. Last year non-captive business increased threefold, offsetting declining business from VW Group. Italdesign was given approval to look for non VW business in mid 2015.
"We plan to take non-captive revenues to a quarter of our business this year," Astalosh said.
Italdesign forecasts a two-digit increase in revenues this year. Revenues last year were close to the 2016 result of 165 million euros, Chief Financial Officer Salvatore Cieri said. Financial results for 2017 will be released next month.
Italdesign, based in Moncalieri, on the outskirts of Turin, was founded in 1968 by Giugiaro and Aldo Mantovani.