We have bad news for Pininfarina fans, as the well-known Italian company will close down its auto production activities. Still, don’t be sad, as the firm will now concentrate on its design and engineering operations, which means that we will still see cars wearing the Pininfarina badge on the side. For those who don’t know, Pininfarina designed almost every Ferrari sports car since 1950s.
Now, that the market is changed, Pininfarina will lay off 127 workers in the production sector and in this way will save 2.9 million euros.
"Unfortunately we are having to stop our production activities, given the way the car market is. So we are focusing on design and engineering," a Pininfarina spokesman said on Tuesday, according to Autonews.
Back in March the company announced that it will sale its stake in a car production joint venture with Volvo Cars. Vincent Bollore, the French billionaire, showed its interest in acquiring a stake in Pininfarina, which is now being sold by the family owner due to the debt restructuring agreed with banks in December 2008.