In light of the global economic conditions Pininfarina has adjusted forecasts of production volumes and therefore the industrial plan that represents the base of the agreements which are being stipulated with the Credit Institutions.

The Board of Directors of Pininfarina S.p.A. met yesterday under the chairmanship of Paolo Pininfarina to examine the implications of the global macroeconomic conditions and of the automotive market on the recently approved industrial plan. In particular, it has been taken note that almost all automakers have announced, for the remaining period of 2008, with similar forecasts for 2009, strong production cuts, in some cases suspension of productions, and the redefinition of the product portfolio.

This scenario reflects on the need to update the Pininfarina forecasts of the production volumes for its clients and therefore the industrial and financial plan representing the base of the agreements which are being stipulated with the Credit Institutions. The revision of the industrial plan, which will imply a further recourse to Unemployment Benefits Funds, will require a postponement of the signature of the debt rescheduling agreement which, with the due integrations, should be finalised in short times and, in any case, within the next Board of Directors meeting, planned for November 12th 2008, so as to allow the already foreseen capital increase.

In the meantime, the design and engineering activities are regularly continuing and developing, as well as the activities related to the implementation of the agreement with the Tata group, with which Pininfarina is opening a research, design and engineering Centre in Pune, India.

Moreover, the industrial plan related to the electric car in joint venture with the Bolloré Group is continuing according to the foreseen timing and forms: the redirection of the market, with the current trend towards a wider diffusion of compact and environment friendly city cars, reinforces the perspectives of the plan. The concept of the car will be unveiled at the Mondial de l’Automobile in Paris on October 2 by Paolo Pininfarina together with Vincent Bollorč.

“In spite of the scenario of the present international crisis – states Paolo Pininfarina – the confirmation of the defined programs, the implementation of the current innovative plans and the strengthening of the alliances also at an international level, make us confident in the future: this is testified by the commitment of our family in the upcoming capital increase."

© 2008 Interfuture Media/Italiaspeed