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The company will make high-performance EVs under Pininfarina brand.

Mahindra &Mahindra's (M&M) is currently working on high-performance cars with Pininfarina. The plan is finally taking shape as Mahindra looks to push forward its electric car ambitions. Mahindra has the first mover advantage in this segment, and in the nascent EV market in India, it’s already a major player, especially after acquiring homegrown EV maker Reva in 2010.

Former Audi India chief Michael Perschke is now the head of the EV division, which is called ‘Project Montana.’ The initial investment for Project Montana is $100 million (around Rs 647 crore), which has come from Mahindra and post which, it will look at outside investment to scale up operations. The new company will most likely be called Automobili Pininfarina and the design and styling for the new EV range will be taken care of by Pininfarina. The company will make its formal announcement at the inaugural Formula E race in Rome on April 14, 2018.

The car will not sport a Mahindra badge, it will instead wear the Pininfarina name, thus fulfilling the dream of its founders who wanted to make a road car under its own brand name.

“In the history of my family, stemming from my grandfather, there has been always a dream, that one of seeing on roads outstanding innovative cars solely branded Pininfarina. I wish this dream to come true in a not distant future”, tweeted Paolo Pininfarina, (grandson of founder Battista Farina).

Anand Mahindra, chairman of Mahindra & Mahindra, tweet "Truly excited that Paolo @PininfarinaSpA would like to turn his legendary grandfather’s dream of the #FirstEverPininfarina branded car into reality. The Time is Right..."

The electric supercar will rival cars like the 1,500hp Bugatti Chiron. The car has been internally dubbed PF-Zero and will be one of the four models to be developed by the new start-up. Only a limited number of 20 units will be made.

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