Pininfarina, the company responsible for designing the majority of Ferrari’s since the 50’s, has made the decision to halt production, shifting its focus to engineering and design.
A spokesman for the company said “Unfortunately we are having to stop our production activities, given the way the car market is.”
Back in March, Pininfarina said its stake in a collaborative effort with Volvo Cars would be sold, and Vincent Bollore, a French Billionaire, has taken interest in acquiring a share of Pininfarina.
Lay-offs have begun for the 127 production workers, which will cost close to 4 million.
– By: Alexandra Koken