De Tomaso sold for $1.8 million image

The Italian car brand, De Tomaso, has been sold to a Chinese corporation for only the modest sum of $1.8 million. While two weeks prior to this news, the company was being said to have been bought by L3 Holding from Switzerland for around $2.2 million, the deal did not manage to be signed as the buyer did not fulfill its financial obligations in order to do so.

Therefore, the Italian company found a new owner, a consortium from China under the name Team Ventures Limited, which bid before for DeTomaso when the auction was won by L3 Holding, but lost only placing an aprox. $1.1 million sum. A lawyer from the Chinese company has announced that it plans to manufacture cars in China under the De Tomaso label. According to Europe Online, the Chinese company is based in Hong Kong, but has legal status in the Virgin Islands.

De Tomaso has been swimming in troubled waters for a while now, with many revival attempts as to bring th eItalian brand, famous for its Pantera and Mangusta models, back on track. The business was bought in 2009 by former Fiat executive, Gian Mario Rossignolo, under whose leadership, De Tomaso produces a revived Deauville as a crossover. The Italian carmaker went bankrupt after that, and ended being acquired by ATS, a brand originally on the market since 1963, which was shut down until 2013, when it made a pretty good comeback. Unfortunately, that did not work out well for De Tomaso, either.

The news, however, are not so well received by the 900 employees in Italy who have been working for DeTomaso prior to its sale, as they believe they will lose their jobs in the midst of this change.

By Gabriela Florea