Chinese company snaps up De Tomaso for ‘just’ 1 million euros

on May 5 2015 | in Daily Headlines Trending | by | with No Comments

According to reports on Italian website La Repubblica, the new owner of De Tomaso – Chinese holding company Consolidated Ideal TeamVenture – plans to produce cars under the famous name in China, threatening 900 potential jobs in the city of Turin, where a range of new models including the Deauville crossover was due to enter production. Many of the Italian car-maker’s workforce remain unemployed since the company entered bankruptcy most recently in 2012, causing much controversy in the Italian press.

News of the €1.05-million sale comes only several weeks after a deal reportedly worth twice as much, that also preserved many local jobs, fell through. It is reported that favoured bidder L3 Holdings was unable to fulfil its financial obligations.

Read more at Classic Driver.

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