Pininfarina to Focus on Electric Car Manufacturing
Italia's famed sports-car design house will cease to be countries only remaining contract manufacturer. The announcement is part of a framework agreement that the company is in the final stages of negotiating.
Pininfarina has had some hard times over the past years. Amidst loosing its losing its CEO, Andrea Pininfarina in a traffic accident back in August, the company faced a huge loss last year. Now creditor banks have approved a financial rescue for the company that saved it from the equivalent of a Chapter 11 bankruptcy filing in the U.S.
Currently Pininfarina builds the Alfa Romeo Brera coupe and Spider and the Ford Focus coupe-cabriolet, but the company's production lines are running far below their capacity. The company will fulfill its existing contracts which expire in 2011 and will not seek any new manufacturing orders.
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