PININFARINA REVEALS ITS RADICAL ‘LUXURY UTILITY VEHICLE’ COMPLETE WITH GLASS DOME AND 1950S INSPIRATION

There are many advantages to unveiling high-end cars this week at Pebble Beach this week, where the average attendee will find the vehicles well within their means. And so it is with the venerable Italian coachbuilder-turned-automaker Pininfarina, founded by Battista “Pinin” Farina in 1930.

The PURA Vision design concept to be shown at Pebble was developed in-house at Pininfarina. Most onlookers would call it an SUV, or at least SUV-adjacent, but Pininfarina calls it a Luxury Utility Vehicle (e-LUV). The first design element to capture the eye is the glass dome that sees the door glass and windshield flowing uninterrupted into the roof. The side glass opens up in gullwing fashion but the doors stay put and open in “suicide” fashion, with the rear doors rear hinged to allow easy access to the back seat.

The PURA Vision looks like no other car, or at least no recent one. It sits high on huge 23-inch wheels, with slab sides and a low and aerodynamic “pillbox” upper body that recalls some chopped 1950s customs. And a 1950s design was an inspiration, the Lancia Florida I and II concepts of 1955 and 1957 respectively. The Florida I sedan also had suicide doors and no vertical roof support structure between the doors, known as a “B” pillar. Another inspiration, the gorgeous Pininfarina-designed 1953 Alfa Romeo 6C 3000 Superflow concept, had a similar glass dome roof and a futuristic look. There are very slim horizontal LED lights at the back that extend into the curved rear hatch. The interior is relatively simple, with controls on a console-mounted tablet.

Pininfarina’s Battista Edizione Nino Farina is a tribute to the founder’s race-winning nephew. Pininfarina photo

Dan Connell, the chief brand officer for Pininfarina, describes the car as “beautiful, but in an unexpected form.”

Currently, Pininfarina offers the Batista, a US$2.2 million electric supercar based on the ultra-fast Rimac Nevera, and in the process of developing the PURA Vision, the company “kept the Battista owners and other admirers of the brand close,” Connell says. “We had a private showing for them, and some were skeptical—but their minds were blown by what they saw.”

The company’s second production vehicle, code-named B95, is the first Pininfarina to reflect the PURA Vision design philosophy, Connell says. Details will be revealed during B95’s formal debut at the Quail: A Motorsports on Saturday. It’s sure to be a very exclusive car with a big price tag.

Pininfarina will also have the Battista Edizione Nino Farina on its stand at Pebble. First shown at the Goodwood Festival of Speed in England last July, it’s a special edition of the Battista presented as a tribute to the first Formula One World Champion, Nino Farina, who was Battista Farina’s nephew. Setting it apart are unique paint colors, special gold wheels, and body side graphics. An aluminium door plate celebrates the younger Farina’s racing wins. Only five of the high-end electric cars will be built. It’s the second limited-edition Battista, after the Anniversario model.

Simplicity is the watchword in the PURA Vision’s interior. Pininfarina photo

Pebble Beach is always a parade of new model reveals. The “House of Maserati” is celebrating the 75th anniversary of the GranTurismo (GT) model. Both the electric Folgore GT and the Trofeo versions, powered by a three-litre twin-turbo Nettuno V6, are to be sold in the U.S. Two one-of-a-kind GTs, the Luce and Prisma, will be on display at the Quail. Also seen will be the MC20-based Maserati MCXtrema, with 730 horsepower and a build of just 62 cars. Lotus will be giving rides in the 2024 Emira sports car, the final gas-powered Lotus with both four-cylinder and V6 power. Prices start at US$77,100. Rolls-Royce will show a one-of-a-kind car created for a customer.

Other cars to be shown at Pebble include: the Acura ZDX electric crossover, a “world-first new model” from Aston Martin, the Bugatti Chiron Super Sport Golden Era, the Hennessey Venom Revolution Roadster (with a 17-pound removable carbon fiber hardtop), the world premiere of the new Mercedes-AMG GT, the second Lamborghini electric concept, and the Infiniti QX Monograph Concept.

The Apple growth and profit machine is wavering, and the boost from price increases might not be enough to keep it going at historic rates. That dials up the pressure on Apple’s new chief executive, John Ternus.

The company saved the bad news for its earnings call, an hour after it posted its results for the September quarter, projecting that for the current quarter its high-margin services business will continue to slow and that its widely watched gross profit margin will continue to fall.

Apple AAPL -1.83%decrease; down pointing triangle shares had been flat in post-close trading but declined as much as 4% after the company made the projections, which fell short of Wall Street estimates.

The impact of high memory costs are weighing even more heavily on the company, Ternus and Apple Chief Financial Officer Kevan Parekh said on the company’s earnings call. Apple has stockpiled cheaper components purchased earlier, but those inventories are dwindling.

When Ternus took over as Apple’s third chief executive of the past 29 years on Sept. 1, he inherited sky-high expectations. The men he followed were among the most successful company leaders in American business history. Steve Jobs revolutionized consumer devices multiple times. Tim Cook expanded Jobs’s creation to spectacular heights.

The expectations are reflected in Apple’s huge valuation. Oppenheimer analyst Martin Yang noted that Apple stock trades at 36 times next year’s expected earnings, a premium to the overall market, even though its earnings are only expected to grow 1%, which is slower than its tech peers.

“We see insufficient upside to justify the premium,” Yang wrote in an investor note, adding that Apple needs to boost iPhone sales growth and turn around its slowing services business to make him more bullish.

Investors have bid up Apple shares because it has been a port in the AI storm—a reliable and capital-efficient business that stands apart from rivals which are spending hundreds of billions of dollars racing to the AI frontier.

While others invest in data centers, Apple has been pouring its own cash into buybacks and dividends. But that safety may be challenged if Ternus can’t speed up Apple’s innovation engine.

Apple’s lagging performance in AI was evident when its new “Siri AI” chatbot arrived this past quarter. Its long-maligned assistant was already stale the day it arrived, surpassed by agents such as Instinct and Muse that can complete multistep tasks for consumers, while Siri still sets kitchen timers.

Apple needs to give people reasons to buy its devices as they get more expensive. The company raised prices across the board last quarter to help offset higher costs. Without compelling new features, a big question is whether consumers will slow the frequency of iPhone upgrades.

The new iPhone Duo appears to be a bright spot. Consumers are scooping up the $1,999 foldable smartphone despite mixed reviews—so many that Apple can’t keep up with demand. Shipping dates jumped out to January soon after the device went on sale, a disappointment for the normally reliable Apple supply chain.

Apple said its revenue grew 12% in the September quarter, slightly ahead of Wall Street’s expectations. Its widely tracked gross profit margin, at 47.9%, also came in just ahead of analyst estimates.

Apple will need to find new growth avenues because a reliable engine during the Cook era—the services business—is slowing. Courts and regulators worldwide have limited Apple’s ability to charge developers big fees to distribute apps through its App Store, the biggest component of the company’s services segment.

One of its most lucrative App Store fee generators has been the ChatGPT app from OpenAI. Around the time Apple accused OpenAI of trade-secret theft this past summer, OpenAI began redirecting potential subscribers to pay via its website instead of the App Store, skirting Apple’s tollbooth.

Apple’s valuation has bumped up against a ceiling in recent weeks. Six times it traded above a $5 trillion market capitalization intraday before finally closing above the threshold, which it has already fallen back below.

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PININFARINA REVEALS ITS RADICAL ‘LUXURY UTILITY VEHICLE’ COMPLETE WITH GLASS DOME AND 1950S INSPIRATION

Apple’s growth engine is showing signs of slowing, as rising costs, weaker services growth and AI competition challenge its profitability. With John Ternus taking the helm, the pressure is on to reignite innovation and sustain investor confidence.