- A merger with a blank-check company is one scenario being studied for Automobili Pininfarina, the people said, added the report.
- The report added that Mahindra could seek to value the unit at around $500 million in any deal, the people said
As per a report by Bloomberg, Mahindra & Mahindra Ltd. is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a delayed $2.2 million electric hypercar into production, people with knowledge of the matter said. It’s considerations 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. A merger with a blank-check company is one scenario being studied for Automobili Pininfarina, the people said, added the report.
The report added that Mahindra could seek to value the unit at around $500 million in any deal, the people said. Mahindra is looking for ways to speed up development, as Automobili Pininfarina hasn’t yet begun deliveries of the 1,900-horsepower Battista it showed as a prototype in 2019. It added that the people said that deliberations are at an early stage, and the structure of any potential deal hasn’t been finalized, the people said. The report added that a spokesperson for Automobili Pininfarina referred queries to Mahindra. A representative for Mahindra didn’t immediately respond to emails and phone calls outside regular Indian business hours.
The report said that Mahindra set up the electric hypercar unit to cash in on the brand value of Pininfarina SpA. Mahindra took control of Pininfarina in 2015 with a plan for the company to make cars under the brand name for the Automobili unit. The design business wouldn’t be part of any transaction, the people said.
