Pininfarina and Hong-Kong based Hybrid Kinetic Group have initiated a partnership to develop an electric car.
Italian automotive design frim, Pininfarina, owned by the Mahindra Group has signed a € 65 million (~ Rs. 459 crore) commercial agreement with Hong-Kong based electric motor vehicles company, Hybrid Kinetic Group to develop a new electric vehicle.
The agreement between the two entities entitles Pininfarina to support the styling concept and development of the vehicle. Pininfarina will aide in virtual and physical support to bring the vehicle into series production. The collaboration between Pininfarina and Hybrid Kinetic is said to last up to a total of 46 months.
In 2015, Mahindra Group acquired Pininfarina after numerous negotiations. Both companies eventually met with an agreement at which the former invested over € 50 million (~Rs. 370 crore) to attain a majority stake of 76.06 %.
The technology division of the group, Tech Mahindra and the automotive division, Mahindra & Mahindra jointly own the Italian design frim with a 60:40 split respectively. Owing to this, Tech Mahindra is reportedly expected to play a vital role in supporting the development process of the vehicle as well.
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