Anand Mahindra, the chairman of Pininfarina’s parent company, plans to market the new car to buyers who tend to treat automobiles with the same veneration as rare pieces of art. (Photo by Pradeep Gaur/Mint via Getty Images)

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This Ferrari Designer Has Sights Set On Building a $2.5 Million Electric Car

Pininfarina, an Italian designer firm, will be competing against Porsche and Tesla.

After nine decades of designing Ferraris, Cadillacs, Alfa Romeos and Maseratis, Pininfarina has its sight set on building its own electric “hyper car” that only a small portion of the world’s population can afford. The Italian design firm will put a multimillion-dollar car on sale in 2020, reports The Wall Street Journal. 

Other brands, including Porsche and Aston-Martin, are also attempting to build electric cars. Anand Mahindra, chairman of the company that owns Pininfarina, said that the “hyper car” is part of the “sustainable luxury” market.The company plans to target buyers who tend to be collectors who treat cars the same as they treat valuable pieces of art.

This would be a risky venture for Pininfarina because they will be relying on a sprawling global supply chain that includes battery procurement, writes WSJ. But Tesla Inc. is currently struggling to meet demand for its premium sports sedans, and the company has had to raise billions in operating cash. They have delayed production timelines because of manufacturing problems. Mahindra said Pininfarina’s parent builds hundreds of cars a year and instead of copying Tesla’s more vertical approach, the company will buy batteries.

Read the full story at The Wall Street Journal