The Volkswagen Group has denied a report claiming it plans to sell its Lamborghini brand, saying the speculation was “unfounded”.

Bloomberg earlier cited sources claiming the VW Group was mulling either a sale or stock listing.

The sources told the publication the German firm had “started preparations” to fold Lamborghini into a “separate legal entity”, adding the process could conclude at the end of 2020.

But a VW spokesperson later shot down the rumours.

“There are no plans for a sale or IPO of Lamborghini. Speculation to this effect is unfounded,” the spokesperson told Reuters.

As Automotive News Europe points out, back in March 2019, Volkswagen Group CEO Herbert Diess revealed the firm was reviewing its portfolio of brands.