India's Mahindra considering funding options for EV supercar unit - Bloomberg News

Pininfarina SpA

29/09/2021 06:03

BENGALURU, Sept 29 (Reuters) - Mahindra & Mahindra Ltd
 MAHM.NS  is considering options to raise funds for its unit
Automobili Pininfarina, as the Indian automaker looks to start
production of its $2.2 million electric hypercar, Bloomberg News
reported https://bloom.bg/3m1aM96.
    The Munich-based luxury electric vehicle unit had in 2019
rolled out a prototype of its 1,900-horsepower Battista, which
had a top speed of 350 km/hour and a range up to 500 km in a
single charge.  
    Mahindra's options include a merger with a blank-check
company and a potential overseas listing of the EV supercar
business. 
    It could seek to value the unit at around $500 million in
any deal, the report said, citing people with knowledge of the
matter.
    The company declined to comment on the report, while
Automobili Pininfarina did not immediately respond to Reuters
request for comment outside business hours. 
    Automobili Pininfarina originally planned to build 150 cars
beginning 2020, but now deliveries are due to start early in
2022, the report said, citing a spokesperson for Automobili
Pininfarina.  
   Mahindra bought https://www.reuters.com/article/pininfarina-mahindra-merger-acquisition-idUSKBN0TX1NC20151215
 a 76.06% stake in Turin-based Pininfarina, the designer of some
of the most iconic Ferrari, Alfa Romeo and Maserati models, in
2015 for $28 million.
    As part of its push https://reut.rs/3ihXy6T to become a key
player in the high-end electric vehicles segment, it set up
Munich-based Automobili Pininfarina in 2018. 

 (Reporting by Vishwadha Chander in Bengaluru; Editing by Arun
Koyyur)
 ((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802;
Twitter: https://twitter.com/vishwadha;))