Saudi Arabia’s Public Investment Fund (PIF) has acquired a substantial stake in Pagani, making an investment that the Italian manufacturer of hypercars will focus on expansion and diversification.
PIF is now co-owner of three car manufacturers: Pagani, McLaren and the American electric vehicle start-up Lucid. It is described as “the economic engine of Saudi vision 2030, engine of diversification of the Saudi economy”.
The terms of the latter deal were not disclosed, but it is widely reported that PIF’s stake in Pagani stands at 30%, with the Pagani family retaining its controlling stake and founder Horatio Pagani remaining CEO and director of design.
The investment will help Pagani to continue “its innovation component in the hypercar market” as well as to enter new segments of the lifestyle sector. A new division called Pagani Arte has been launched, but it is not yet clear whether this will have any connection with the brand’s auto production.
Pagani has exclusively sold the Huayra hypercar in various forms since its launch in 2012, using a 6.0-liter V12 developed by Mercedes that is not used by any other brand.
The Saudi investment is expected to allow Pagani to source alternative powertrain solutions and potentially develop a brand new successor to its popular flagship.
No details of the planned cars have been released at this point, but Pagani promises “new models” as part of its expansion plan.
It highlights its consistent financial performance over the past few years as an indicator of future success. Notably, it posted record financial results in 2020, when the pandemic wiped out the profit potential of many other mainstream brands.
Horacio Pagani said: “Since its founding, Pagani has partnered with the best players because we believe that excellence can only be achieved through teamwork. This is proven by our long-standing partnerships with our technology partners – clear technology leaders in their reference sectors – who will continue to play an important role in Pagani’s future. “
He went on to suggest that the days of the V12 are numbered, saying, “Our next hypercars will continue to convey unique emotions, regardless of their powertrain technology.”
In 2018, Pagani told Autocar that there was “research on electric cars already underway,” but the company offered no further clues in the next three years.
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Source: www.autocar.co.uk
This notice was published: 2021-08-23 16:09:43
