Volkwagen Group (VW) is looking at whether to sell or take its Lamborghini brand public, Bloomberg reported Friday. The move would give VW funding for its push towards electric vehicles.

The report says that the Lamborghini brand is valued by analysts at $11 billion and that VW hopes to move Lamborghini into a separate legal entity by the end of next year. VW's Vision 2030 strategy means that the company is becoming more focused on its core brands of Audi, Porsche and VW.

VW is set to release a set of electric cars in its new ID brand over the next few years. The ID.3 hatchback is set to release in Europe in 2020 and will cost the equivalent of $33,180. The base model offers a 45kWh battery and 340 miles of range.

VW hopes that electric vehicles will account for 40% of its total sales by 2030, and that it will be able to compete with electric vehicle giant Tesla. Another VW brand, Porsche, recently released its luxury Taycan, which rivals the Tesla Model S.

Volkswagen Group, headquartered in Wolfsburg, Germany, is currently valued at around 81 billion euros or $89.3 billion. VW sold 10.83 million vehicles in 2018.

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