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Pininfarina teases its Tesla- and Bugatti-baiting EV supercar

Pininfarina isn't being bashful when it comes to getting into the car business. The Italian design house has revealed a sketch of the PF0 Concept, an electric supercar aimed directly at the world's fastest and most expensive vehicles. With upward of 1,000 horsepower, along with an expected price in the millions of dollars, this extreme EV is meant as a calling card for Pininfarina's upcoming range of electric cars and SUVs. So should the likes of Tesla, Porsche, Ferrari, Bugatti and Lamborghini be worried? Pininfarina might be new to building its own cars, but the company has many decades of experience designing and engineering some of the most desirable cars of all time — including many of the finest supercars to have worn a Ferrari badge on their nose. As we reported earlier this year, Pininfarina has teamed with Indian auto manufacturer, Mahindra, to develop a range of high-end EVs. With this roughly $500 million investment, not to mention some engineering help from Croatian supercar manufacturer, Rimac, Pininfarina aims to start high. The company will first introduce a hypercar, based on the PF0 Concept, within two years, then bring along a range of more affordable electric cars and SUVs. These will more directly take on the likes of Porsche Cayenne, Lamborghini Urus, and Tesla Model X. So yes, if you're in the business of building expensive cars, especially ones with a lot of batteries positioned inside them, Pininfarina's plans for the PF0 (that's a zero, not the letter "O," by the way) should make you sit up and take notice. "Automobili Pininfarina is a pioneering new business created to service the most discerning clients in the world," said Michael Perschke, CEO for Automobili Pininfarina. "Our product portfolio will launch with an innovative, zero-emissions hypercar that represents the progression we aim to make at the pinnacle of the luxury and sports car market." According to its press release, Pininfarina is currently presenting its "business and product plans to prospective retailer partners, clients and media in New York this week." After its tour of the Big Apple, look for Pininfarina to officially reveal the PF0 Concept during Monterey Car Week in August. Related Video: Design/Style Green Bugatti Lamborghini Porsche Tesla Electric Future Vehicles Luxury Performance Pebble Beach supercar mahindra hypercar Rimac

$1.3B worth of classic cars were auctioned in 2014

The collector auto market in the US just continues to expand with the values of vehicles seemingly only growing in the past years, especially if they have a prancing horse on the hood. This year was no different. According to data compiled by classic car insurance agency Hagerty, there were about $1.3 billion worth of vintage rides auctioned in North America in 2014, up just slightly from $1.2 billion crossing the block in 2013. If you want an idea of just how big a role the Monterey Car Week plays in the North American collector hobby, Hagerty's stats illustrate it perfectly. The company recorded $430 million in auction sales during the week – about a third of the entire market for the year. The event also hosted the biggest seller of 2014 when the hammer fell on a 1962 Ferrari 250 GTO (pictured above) for $38.115 million at Bonhams. In fact, vintage Ferraris in general were among the top buys in the classic auto world in 2014. Eight of the ten most expensive vehicles sold at auction were Prancing Horses (the other two were Ford GT40s). Also, the insurance company's price index for these Italian stallions showed a 43-percent gain in value for the year. The market for another Italian supercar is exploding, as well. The Lamborghini Countach showed a staggering 175-percent growth in auction value in 2014. According to Hagerty, the average price when they crossed the block was $736,599. Judging by Hagerty's numbers, there were still some places to look for those hoping to spend a bit less money. The Aston Martin Lagonda showed a strong gain in value with a 32-percent increase in auction price, but they still averaged $47,078. In addition, the company's index for '50s American cars showed only one-percent growth for these classics. These huge leaps in collector car value might be winding down, according to Hagerty. It predicts growth in the market to slow to an estimated five percent gain in 2015. Maybe a few of these classics might actually become a bit more affordable to fans without such deep pockets sometime in the future. Featured Gallery Bonhams Maranello Rosso Collection: Monterey 2014 View 21 Photos News Source: HagertyImage Credit: Copyright 2014 Drew Phillips / AOL Aston Martin Ferrari Lamborghini Auctions Car Buying Performance Classics aston martin lagonda ferrari 250 gto Lamborghini Countach collector cars 1962 ferrari 250 gto auto auction

Submit your questions for Autoblog Podcast #323 LIVE!

We're set to record Autoblog Podcast #323 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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