Acquiring a 76.06 percent stake on the ailing design studio, which had a $52.7 million debt, for for $28 million was part of the Indian conglomerate’s strategy.
Mahindra wants to build a premium car for its home market, in order to counter a surge in competition in the sport utility vehicle segment – and that’s where Pininfarina comes in.
Talking to Reuters at the Delhi Auto Expo, Executive Director Pawan Goenka revealed that the biggest maker of SUVs and tractors in the country will decide within the following months on the type of car and the timing of its release.
Pininfarina can help Mahindra go to the next step in our effort to become global. We want to leverage the brand, design and engineering expertise. We are looking to see how to design a product that has a Mahindra kind of heritage but a Pininfarina kind of design and styling.”