Pininfarina Confirms Plans for New EV Brand

Confirming media reports from last month, Mahindra & Mahindra Ltd.’s Pininfarina unit says it will launch an electric vehicle brand starting with a high-end hypercar in 2020.

Called Automobili Pininfarina, the Europe-based company will design and build vehicles in Italy and Germany. The new business will be headed by former Volkswagen Group executive Michael Perschke, who most recently ran Audi’s operations in India.

Mahindra plans to invest $500 million in the venture over the next five years, starting with $100 million for the hypercar program. That vehicle will borrow technology from Mahindra’s Formula E race team and Croatian specialty vehicle maker Rimac Automobil.

Pininfarina reportedly also is developing a trio of electric SUVs to compete against the Lamborghini Urus and Porsche’s Cayenne and Macan models.