Mahindra's new Europe-based company will produce performance-oriented electric cars.

Mahindra’s new EV start-up will be launched in Italy, ahead of the Formula E Rome ePrix. Here’s what you need to know.

Designed by Pininfarina

The company intends to join the global EV race and wants to take a crack at the high-end EV market. The start-up (codenamed 'Project Montana') will be based in Europe and ex-Audi India chief Michael Perschke will be at the helm. The company will develop a range of high-end, low-volume models to take on the best sportscars and SUVs. Mahindra is also using the Pininfarina card to its advantage, the new company is likely to be called Automobili Pininfarina. The cars will be designed and styled by the famed Italian design house and will sport the Pininfarina badge.

Powered by Rimac

Rimac is an EV specialist that makes electric hypercars. The company had showed its second hypercar, the C_Two concept at Geneva. The C_Two develops a claimed 1,915hp and can hit 100kph in 1.85sec! The company is also creating the battery system for the Aston Martin-Red Bull Racing's AM-RB 001 hypercar and the Koenigsegg Regera.

A Bugatti Chiron rival will be up first

The first electric supercar will be a rival to the 1,500hp Bugatti Chiron. The car is called 'PF-Zero' internally, and the electric hypercar will be one of the four models the company will make. There will only be 20 units of this car.

High-performance SUVs to follow

The company is working on a range of high performance SUVs that can be produced on a larger scale, and the car at the top of this range will be a Lamborghini Urus fighter, codenamed PF1. The company says the car will hi 100kph in under 3sec. The other two will take on the large and medium-size luxury segments, and rival cars like the Porsche Cayenne and Porsche Macan.

First car coming in 2020

Initial seed funding of $100 million will be used to make the performance SUV and supercar, and the company is looking for strategic partners for additional funding to expand its line-up. The goal is to launch four models in five years and the company is looking at a total investment of $500 million (over Rs 3,200 crore). The new EV company will also take input from Mahindra Racing.

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