Mahindra was looking to buy stake in the troubled Italian car designer Pininfarina. It was yesterday thatMahindra revealed that they had asked Pininfarina to help them out with the design and a part of engineering for their new mini SUV – the TUV3OO afterwhich we now hear that the design firm is still hoping to clinch a sale with the Indian car maker.
Pininfarina forecast on Thursday a full-year operating loss and said it did not expect to be able to meet at the end of the year a target for earnings before interest, tax, depreciation and amortisation agreed with creditors as part of its debt restructuring.
“Although it hopes for a positive outcome of ongoing talks (with Mahindra), the board is working on new standalone business and financial plan more in line with the group’s current ability to generate cash to repay its debt,” the company said in a statement.
We know how important Pininfarina is, as we’ve seen the Ferrari Testarossa and its latest creation includes the Sergio windshield-less concept car. Pininfarina’s controlling shareholder Pincar and banking creditors failed to agree to a sale of the indebted group to Mahindra in July itself and look like the talks between the companies will resume soon.
Pininfarina reported a first-half net loss of 4.4 million euros, in line with the previous year, and said its net debt stood at 52.7 million euros at the end of June up from 44.8 million euros at the end of December. If the deal does come through, we Indians might be looking at a different breed of cars altogether, so let’s keep our fingers crossed.