Pagani: Saudi Arabia is stepping in

Saudi Arabia is acquiring a minority stake in the Italian super sports car manufacturer Pagani via the state investment fund PIF.

The Saudi Public Investment Fund (PIF)'s investment in Pagani is part of the carmaker's long-term strategic plan to improve its technology and later expand into the lifestyle segment with the Pagani Arte brand. Horacio Pagani explains that the PIF deal is an important step in our long-term growth strategy, which includes significant investments to ensure that our next hypercars continue to deliver unique emotions.

Pagani remains boss in-house

Full control of the sports car manufacturer remains with the Pagani family. At the same time, Horacio Pagani, Founder, Chief Executive Officer and Chief Design Officer, will retain his leadership position and central role within the company.

PIF joins minority investors Nicola Volpi and Emilio Petrone. The Saudi Public Investment Fund had previously taken a financial stake in US electric car manufacturer Lucid . A bridge to Pagani could also follow here, because the sports car manufacturer has already announced the development of a purely electrically powered super sports car . PIF is one of the world's largest and most financially strong sovereign wealth funds and also the economic engine behind the Saudi Vision 2030, with which the country wants to prepare itself for a time after oil. How high PIF's stake in Pagani is was not disclosed.

Conclusion

Sports car manufacturer Pagani secures its long-term strategy with money from the Saudi Arabian sovereign wealth fund PIF. Pagani wants to build an electric supercar and enter the lifestyle business.

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