Monday, June 17, 2024
NewsSaudi Fund Buys Stake in Hypercar Maker Pagani

Saudi Fund Buys Stake in Hypercar Maker Pagani

Why buy the car when you can buy the company?

  • Pagani says long-term partnership will help to grow the company

  • Pagani will launch Pagani Arte lifestyle segment brand


Hypercar magician Horacio Pagani has just announced a plan to grow the company that bears his name and builds some of the most amazing cars ever to grace the pavement. It’s a “long-term strategic partnership” between Pagani and Saudi Arabia’s Public Investment Fund and that fund’s Vision 2030 initiative.

The PIF, one of the world’s largest sovereign wealth funds, will become a minority shareholder in Pagani. Fortunately, Horacio himself will continue as CEO and as the head designer of the company, and the majority of Pagani will remain in the hands of the family.

“Today we are proud to announce an important partnership with PIF, a key step in our long-term growth strategy, which envisages significant investments to ensure that our next hypercars will keep conveying unique emotions, irrespectively of their powertrain technology,” said Horacio Pagani. “PIF represents the ideal partner to further consolidate Pagani positioning as an iconic brand in the hypercars segment as well as to support its expansion strategy in the lifestyle segment.”

Pagani says it plans to use the partnership to both further its core hypercar business, meaning a replacement for the long-lived Huayra is likely on the way, but also to launch a new part of the business. That new launch is called Pagani Arte, and while the automaker hasn’t laid out the plans in detail, it seems likely that it will be a lifestyle brand that produces bespoke artwork as well as other creations.

 

 

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