Volkswagen Group is looking at carving out the Lamborghini and Ducati brands as it works to streamline operations and move toward a future that's massively electric, Automotive News Europe reports.

“We are working on our Italian legal structure,” Chief Executive Herbert Diess said in the report, referring to Lamborghini, the Ducati motorcycle brand, and design studio Italdesign. The report cited two sources familiar with the matter as saying VW was working on plans to spin-off or have an initial public offering for the brands.

"We are, let’s say, bringing it into a legal structure where we could act," Diess said at an analyst presentation on Monday, adding that no decisions on divestments have been made. “It’s probably a bit of a slower process," he said, but "it's on our agenda," said Automotive News Europe.

CFO Frank Witter called the work to streamline VW's massive structure of corporations and companies a "work in progress." They didn't give a timeline for any possible decisions, just that it was something they were looking into. VW Group has also been rumored to be looking into parting with Bugatti as it works to strengthen core businesses.

Diess also said he expected the business to recover from the pandemic next year, and that VW Group was planning for a return to pre-Covid levels in 2022.