Saudi Arabia’s Public Investment Fund (PIF) has acquired a large share of Pagani, and the Italian supercar manufacturer will invest in expansion and diversification.
Founder Horacio Pagani retains the positions of CEO and Chief Design Officer
Investment enables Pagani to purchase alternative power systems
Pagani’s 2020 financial performance hits a record high
Saudi Arabia Public Investment Fund (PIF): Details
PIF is now part of the owners of three automakers: Pagani, McLaren, and American electric vehicle startup Lucid. It is described as “the economic engine of Saudi Vision 2030, which promotes the diversification of the Saudi Arabian economy”.
The terms of this latest transaction have not been disclosed, but it is widely reported that PIF holds 30% of Pagani’s shares, the Pagani family retains its controlling stake, and the founder Horacio Pagani continues to serve as CEO and chief designer official.
This investment will help Pagani continue “its innovative part of the supercar market” and enter new areas of lifestyle. A new department called Pagani Arte has been established, but it is not clear whether this has any connection with the brand’s car production.
Pagani: What to expect
Since its launch in 2012, Pagani has been exclusively selling various forms of Huayra supercars, using a 6.0-liter V12 engine developed by Mercedes, which has not been used by any other brand. It is expected that Saudi Arabia’s investment will enable Pagani to procure alternative powertrain solutions and possibly develop a new successor to its highly regarded flagship.
The details of the planned cars have not yet been announced, but Pagani promised to include “new models” as part of its expansion plan. It emphasizes its stable financial performance in recent years as an indicator of future success. It is worth noting that it recorded record financial performance in 2020, when the pandemic eliminated the profit potential of more mainstream brands.
Horacio Pagani said: “Since its inception, Pagani has been building partnerships with first-class players because we believe that excellence can only be achieved through teamwork. Our long-term partnerships with technology partners prove it This point-the leader in the clear technical reference industry-will continue to play an important role in Pagani’s future.”
He continued to imply that the days of V12 are numbered. He said: “Our next supercar will continue to convey unique emotions, regardless of its powertrain technology.” In 2018, Pagani told OurUK, “Electric vehicle research has already In progress”, but the company did not provide more clues in the next three years.
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