Saudi Arabia invests in Italian hypercar brand Pagani1 min read . Updated: 23 Aug 2021, 10:39 AM IST
Pagani family will continue to have a controlling stake in the car brand.
Saudia Arabia has invested in the Italian hypercar manufacturer Pagani. The investment has been made through Saudi Arabia's investment fund known as PIF. It has purchased a minority stake in Horacio Pagani SpA, which is the owner group of the famous hypercar brand.
The controlling stake of the Italian car brand will remain in the hands of the Pagani family.
This investment is claimed to help the automaker's future vehicle developments. Pagani is expected to use the fresh fund to improve its technology and later to expand the lifestyle segment. Interestingly, this is not the first time PIF invested in a car manufacturer. Previously, it invested in electric car manufacturer Lucid.
Talking about the deal with PIF, Horacio Pagani, the founder of Pagani said to Arab News that it is a key step in the auto company's long-term growth strategy. "A key step in our long-term growth strategy, which envisages significant investments to ensure that our next hypercars will keep conveying unique emotions," he further added.
Pagani was founded in the early 1990s by Horacio Pagani, a long time Lamborghini employee. The automaker was initially the source of prototype and carbon fibre components for Lamborghini. However, besides the consulting business, Pagani was also working on its own car design.
The design materialised into the Pagani Zonda C12, one of the greatest hypercars of all time. It used chassis and aerodynamic kits from Dallara and the V12 engine was sourced from Mercedes-AMG. The Pagani Zonda was refined over time and a total of 30 unique special editions were introduced later.
Pagani now continuing its excellence in hypercar manufacturing through the Huayra. Pagani Huayra debuted in 2011 replacing Zonda. This hypercar has found its own place in the highly competitive hypercar segment.