Iconic Italian design house Pininfarina is seeing red -- and it isn't the paint on one of its Ferrari concepts. The firm announced that it lost 8.1 million euros last year (that's $9.72M USD)... a frightening 238-percent increase over its 2004 losses.

Pininfarina estimates its production value last year at 383 million euros ($464M USD), with the same value at 557.8 million euros at the end of 2004 ($675.9M USD).

All is not bad news, Pininfarina officials believe. The firm is hard at work on five new models set to launch by July, which officials believe will improve its fortunes.

[Source: Reuters]