In an odd twist, Italian brand De Tomaso is reportedly now owned by a Chinese holding company.

The Chinese holding company Consolidated Ideal Team Venture acquired De Tomaso after Swiss investment group L3 Holding failed to honor its financial commitments needed when it bought the rights for the De Tomaso brand.

According to Motor Authority, De Tomaso was originally bought by L3 Holding last month for a staggering EUR 2.05 million (about PhP 101.4 million) before failing to commit. Due to the failed transaction, a new auction was held wherein Consolidated Ideal Team Venture managed to outbid other companies by securing a EUR 1.05 million bid (about PhP 51.9 million), half of what the Swiss company offered.

The troubled automaker has been struggling to get back on its feet after several companies and entrepreneurs have failed to revive the iconic brand once known for producing the Pantera and Mangusta as such. According to a lawyer representing the Chinese holding company, Consolidated Ideal team Venture plans to build De Tomaso-badge cars in China, which means that production of future De Tomaso nameplates may move to Asia instead of Italy.

Source: Motor Authority