Mahindra & Mahindra Ltd. is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a $2.2 million electric hypercar into production, people with knowledge of the matter said.
The Indian carmaker’s views include a potential overseas listing of the EV supercar business, according to the people, who asked not to be identified because the information is private. People said a scenario is being studied for Automobili Pininfarina, a merger with a blanc-check company.
People said Mahindra could peg the unit price at around $500 million in any given deal. Mahindra is looking for ways to accelerate growth, as Automobili Pininfarina has yet to start deliveries of the 1,900-horsepower Batista, which was shown as a prototype in 2019.
People said the deliberations are at an early stage and the structure of any possible deal has not been finalised. Automobili Pininfarina spokesperson inquired about Mahindra. A representative for Mahindra did not immediately respond to emails and phone calls outside regular Indian business hours.
Pursuing a deal with a special-purpose acquisition company, Automobili Pininfarina, with offices in Turin and Munich, joins a crowded field of EV candidates seeking to ride the wave of investor enthusiasm for electric vehicles. Will go
Polestar, an electric-vehicle maker backed by Volvo Car Group, immediately joined the carmaking big league this week when the four-year-old company said it would go public by merging with SPAC at an enterprise value of about $20 billion. Unlike many other auto upstarts whose eye-popping debuts have quickly faded, Polestar has models on the market and access to a global production network.
Automobili’s Batista, first unveiled at the Geneva Auto Show, uses battery and powertrain technology from Croatian electric-supercar maker Rimac Automobili. The unit had originally planned to manufacture 150 cars by 2020.
Mahindra commissioned the Electric Hypercar Unit to capitalize on the brand value of Pininfarina S.p.A., the iconic coach-builder renowned for designing Ferrari NV’s sports cars. Mahindra took control of Pininfarina in 2015 with plans to manufacture cars for the company under the brand name of the Automobili unit. People said that the design business would not be a part of any transaction.
Batista deliveries are now scheduled to begin in early 2022, and production-ready Batista cars were rolling out on road and track in North America and Europe, a spokesman for Automobili Pininfarina said. The spokesperson said the company sold all five limited-production Batista Aniversario Edition vehicles unveiled last year, and it is very pleased with its sales momentum.
The Indian carmaker’s views include a potential overseas listing of the EV supercar business, according to the people, who asked not to be identified because the information is private. People said a scenario is being studied for Automobili Pininfarina, a merger with a blanc-check company.
People said Mahindra could peg the unit price at around $500 million in any given deal. Mahindra is looking for ways to accelerate growth, as Automobili Pininfarina has yet to start deliveries of the 1,900-horsepower Batista, which was shown as a prototype in 2019.
People said the deliberations are at an early stage and the structure of any possible deal has not been finalised. Automobili Pininfarina spokesperson inquired about Mahindra. A representative for Mahindra did not immediately respond to emails and phone calls outside regular Indian business hours.
Pursuing a deal with a special-purpose acquisition company, Automobili Pininfarina, with offices in Turin and Munich, joins a crowded field of EV candidates seeking to ride the wave of investor enthusiasm for electric vehicles. Will go
Polestar, an electric-vehicle maker backed by Volvo Car Group, immediately joined the carmaking big league this week when the four-year-old company said it would go public by merging with SPAC at an enterprise value of about $20 billion. Unlike many other auto upstarts whose eye-popping debuts have quickly faded, Polestar has models on the market and access to a global production network.
Automobili’s Batista, first unveiled at the Geneva Auto Show, uses battery and powertrain technology from Croatian electric-supercar maker Rimac Automobili. The unit had originally planned to manufacture 150 cars by 2020.
Mahindra commissioned the Electric Hypercar Unit to capitalize on the brand value of Pininfarina S.p.A., the iconic coach-builder renowned for designing Ferrari NV’s sports cars. Mahindra took control of Pininfarina in 2015 with plans to manufacture cars for the company under the brand name of the Automobili unit. People said that the design business would not be a part of any transaction.
Batista deliveries are now scheduled to begin in early 2022, and production-ready Batista cars were rolling out on road and track in North America and Europe, a spokesman for Automobili Pininfarina said. The spokesperson said the company sold all five limited-production Batista Aniversario Edition vehicles unveiled last year, and it is very pleased with its sales momentum.
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