Volkswagen Plans to Sell Majority Stake in IAV to Accenture

According to sources, Volkswagen Group plans to sell its majority stake in engineering services firm IAV to IT consulting company Accenture by the end of 2024. Volkswagen currently holds a 50% stake in IAV, while IAV itself owns 40%, and Aumovio holds the remaining 10%. Accenture intends to acquire a 70% stake in IAV, with Volkswagen retaining 30%. Neither IAV nor Volkswagen has commented on the reports. Headquartered in Berlin, IAV has been affected by reduced R&D spending in the automotive industry and reached an agreement with Germany’s metalworkers’ union IG Metall on August 6, 2024, to cut nearly 2,000 of its 5,000 jobs by the end of 2027. The transaction is part of Volkswagen Group’s broader cost-cutting and asset divestment strategy. In June 2024, Volkswagen agreed to sell a 51% stake in engine manufacturer Everllence to Bain Capital for approximately €7.4 billion. Porsche’s consulting subsidiary MHP may also be put up for sale. IAV, officially known as Ingenieurgesellschaft Auto und Verkehr, has subsidiaries in China, the United States, Poland, Japan, and South Korea. In June 2024, it established DFNZ GmbH to handle defense-related contracts. Its CEO, Jörg Astalosch, has worked at Volkswagen since 1988 and currently serves as IAV’s interim CFO.