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
“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