Saudi Arabia has invested heavily in Italian supercar maker Pagani. Saudi Arabia acquired a 30 percent stake in Pagani through a public investment fund. The money will be used for the development and diversification of the company. Horacio Pagani, Pagani’s founder, CEO and chief designer, has also agreed to continue in his current role. Horacio Pagani said the investment will be used to find new powertrains.
Saudi Public Investment Fund
The Public Investment Fund or Public Investment Fund was set up as part of Saudi ‘Vision 2030’. It is meant to diversify the economy of the country. Currently, PAF has invested in three car manufacturers, including Pagani. The other two companies are McLaren and EV startup Lucid. Neither party has disclosed the terms of the new deal. However, PAF’s stake in Pagani is said to be 30 per cent. Horacio, the founder of control during Pagani, will remain in Pagani. The new investment will help Pagani innovate in the hypercar market. He has started a new division company called Pagani Arte. But it is not clear if this has anything to do with the brand’s automotive production.
Rise of Pagani
Pagani was started in 2012. The company started by building Huawei hypercars with a 6.0 liter V12 engine developed by Mercedes. It is hoped that the Saudi investment will help Pagani to enter the forefront by producing alternative powertrain solutions such as electric polo or hybrid polo. No details of the new cars have been released at this stage. Pagani achieved record sales in 2020. ‘We believe that excellence can only be achieved through teamwork. We enjoyed the partnership with the best. I think it will play an important role in Pagani’s future, “said Horacio Pagani.