De Pascale shields Emilia’s Motor Valley: “No to hedge funds”

Emilia Rossa will defend ‘its’ Ducati tooth and nail. For weeks now, as a result of Volkswagen’s drastic restructuring plan (which involves cutting 100,000 jobs), there has been a constant stream of rumours and denials (the latest 48 hours ago) regarding the direct or indirect sale of the group’s Italian assets: the Ducati motorbike factory in Borgo Panigale, Bologna, and Lamborghini in Sant’Agata dei Goti. In recent days, however, there has been far less talk of Lamborghini (an IPO had been mooted) and rumours have centred on Ducati, considered in Wolfsburg to be a company that would be easy to sell on the market. But in Bologna, they are not having any of it. The PD-affiliated leadership in Emilia-Romagna, at the helm of local authorities, does not even want to consider the possibility that the Germans might offload the prestigious motorbike brand ‘to raise cash’. In short, the Bologna-based company must never be made the scapegoat for the mistakes made in recent years by the management in Wolfsburg. And since, in the event of a sale, the most likely scenario is that private equity funds will come forward, a clear rejection has come from Emilia. “No to speculative funds. Any potential buyer must be scrutinised very carefully by the Italian government,” said the region’s president, Michele De Pascale, and his deputy, Vincenzo Colla, in unison. Ducati must continue to do what it does best and must remain “a jewel of quality”. An enterprise on which “no financial speculation can be carried out”. It is now clear that the people of Emilia are not naive novices who have never had to deal with multinationals; on the contrary, they pride themselves on their legislation designed to attract foreign investment. Ergo, the appeal against speculative funds, whilst not an absolute novelty, is certainly close to it. How can this be explained? Both De Pascale and Colla hold Ducati in the highest regard; they consider it an icon of ‘Made in Italy’, repeatedly highlight its extraordinary sporting successes, hold the Italian CEO Elio Domenicali in the highest esteem, and therefore fear any change that might shake up both the collaborative industrial relations typical of the region and the wider supply chain, which could suffer the repercussions of a change of ownership. It should also be noted that the political establishment in Emilia, more so than in any other region, has made production chains and their development almost a religion, and therefore views Volkswagen’s restructuring as an attack on the integrity of their ‘Motor Valley’.

Partly due to their social-democratic political convictions, the De Pascale and Colla families regard the Emilian model – characterised by an interventionist administration and a highly flexible economic system – almost as a hallmark of civilisation. Therefore, anyone who touches Ducati touches the entire system, and a response is required. To put it lightly, one might say it is a sort of NATO Article 5 applied to the region and the motor industry. In everyday reality, however, it is not all sunshine and roses. Due to the market slowdown, Ducati’s profitability fell by 43 per cent in 2025, turnover dropped to 925 million, and the challenge posed by the advance of Asian motorbikes is a daunting one. The company’s current management insists it has a business plan equal to the challenge (120 million in investment), that it can implement it without needing to turn to the German parent company, and that it even intends to take on new staff (there are currently 2,000 employees). And it is precisely in defence of Domenicali’s business plan that De Pascale and Colla promise “a wall of support from the institutions”. What they fear is the arrival of a private equity fund pursuing short-term objectives, whilst Ducati is part of the grand motor industry vision of Emilia-Romagna that spans the ages and shapes the future. To avert the worst, the directors are demanding a meeting with Volkswagen’s management before any decisions are taken – including those concerning Lamborghini. “We want to know the whole truth.” They are turning to Brussels, which is forcing Ducati to bear the brunt of Chinese tariffs whilst allowing Asian manufacturers to sell freely in Europe. They dream that Motor Valley will be not just a collection of brands but an entity in its own right within industrial policy. After all, more than a few Ferrari enthusiasts would welcome, in the event of a sale, a move by Maranello towards Lamborghini to secure undisputed leadership in the luxury car market.