Italian design house Pininfarina will soon be showcasing two more concept cars at the Beijing Auto Show. Developed in collaboration with Hybrid Kinetic Group, the H500 Sedan will take the form of a fully electric BMW 3 Series rival, while the K350 will be an electric four-seater SUV. Reports have suggested Pininfarina wants to become an electric carmaker, but now it's official: Pininfarina has teamed up with Mahindra to launch a new luxury electric car company called Automobili Pininfarina.

Based in Europe, the standalone company will "manufacture high technology, extreme performance, luxury electric vehicles for the most discerning global customers." Led by former Audi India head Michael Perschke as its Chief Executive Officer, the company will combine Pininfarina's legendary design prowess with Mahindra's EV expertise gained from its participation in the Formula E championship. The company's first EV will be a Pininfarina-badged electric hypercar due to launch in 2020. No powertrain details have been revealed yet, but Perschke told Automotive News it will hit 0-62 mph in under two seconds, which puts it in the same league as the new Tesla Roadster.

"It will be a true hypercar," Perschke teased, adding it will have an electric range of up to 300 miles. Prices will start at nearly two million euros, which is around $2.47 million. Previous reports have suggested the electric Bugatti Chiron fighter will be called the PF-Zero. Rimac is also reportedly working on the hypercar's modular underpinnings, but the Croatian company was not mentioned in the announcement. Mahindra Group chairman Anand Mahindra promised the company will "develop a rare collector's item that only a handful of connoisseurs will ever own. It will be an innovative and pioneering product powered by high technology."

"The Mahindra Group has bet big on electric vehicles. They are the future, and when power, beauty and high end EV technology come together in one car - that will be the perfect luxury vehicle, that will give car lovers the freedom to roam without impacting the planet adversely." Pininfarina chairman Paolo Pininfarina added the new company will realize his grandfather's vision of "seeing outstanding innovative cars solely branded Pininfarina on the roads." While its first model will be an electric hypercar, the company will primarily focus on electric SUVs. According to Automotive News, the cheapest model will start at around 150,000 euros ($185,461) to rival the Bentley Bentayga.