Bollore, Pininfarina to develop electric car

PARIS, Dec 21 (Reuters) - French financier Vincent Bollore and Italian luxury design firm Pininfarina will set up a 50-50 joint venture to develop an electric car in Italy.

Total investment for the car, which will be produced in Italy and sold under the Pininfarina brand, is estimated at some 150 million euros, a statement from Bollore's holding company said on Friday.

The car will be sold in Europe, the United States and Japan, with the first deliveries targeted for the end of summer 2009.

The Bollore group is already developing an electric car with French power company EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), the BlueCar.

The new Italian car, like its French counterpart, will use lithium-metal-polymer (LMP) battery technology developed by the Bollore group. (Reporting by Dominique Vidalon; Editing by Paul Bolding)