Automobili Pininfarina, promoted by Mahindra & Mahindra, will be based in Europe.
"We believe that this is the flawless time to launch Automobili Pininfarina, given Mahindra's growing EV expertise from our participation in Formula E racing where we are now second in the constructors' and drivers' championships, and Pininfarina's design expertise that will allow us to develop stylish, extreme-performance, electric vehicles for global markets", said Pawan Goenka, Managing Director, Mahindra & Mahindra. Meanwhile, 0-300 kmph will be achievable in 12 seconds, while the top speed will be over 400 kmph. The vehicle will have a range of over 500 kms on a full charge and will likely be priced under Euro 2 million. The new start-up will develop its first model, a "Pininfarina"-badged electric hypercar capable of accelerating to 100kph in 2 seconds, in 2020". It will be operated separately from the Italian styling house itself, which will continue to take outside contract work. Only 100 units of the auto will be produced and sold.
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The company's shares, up more than 31 percent in the past year, were down more than 1.48 percent at $149.50 in premarket trading. The company reported earnings per share of $2.43, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.
Former Volkswagen Group executive Michael Perschke has been installed at the helm of the new company, and he had this to say.'I am honoured to lead Automobili Pininfarina and our ambition is to make it a respected and desirable brand recognised by connoisseurs who value design heritage, substance, and sustainable high-performance EV technology'. In addition to the stake the Indian giant had promised to pay the brand's creditors more than $125 million with a further investment of $20 million. The new company is said to have received an initial investment of around $100 million (around Rs 647 crore) from Mahindra, after which it will look for outside investment to scale up operations. M&M would invest not more than Euro 30,000 in the new company. "This project helps me and my family to realize my grandfather's dream of seeing outstanding innovative cars exclusively branded Pininfarina on the roads".
Paolo Pininfarina, Chairman, Pininfarina SpA said the move will see the realization of his grandfather's dream to have Pininfarina cars on the road. Per brings with him relevant experience including his stints with the Volvo Group and NEVS.