Italian hypercar maker Pagani builds cars that are very pleasing to look at but come with petrifying price tags. The cheapest new car it currently sells, the Huayra, has a base price of $3.4 million—but that pales in comparison to Pagani selling 30% of the company to the Public Investment Fund of Saudi Arabia (PIF).
The PIF is a sovereign wealth fund that looks to diversify the economy of Saudi Arabia based on its Vision 2030 plan and make it less reliant on oil. According to BeBeez, the PIF has over $430 billion in assets available. This long-term deal will aid Pagani financially and help it create new cars and focus on a new lifestyle brand, Pagani Arte. Not much information is available about this brand but Pagani did release a calendar for the 2021 year with unique paintings and drawings.
The Pagani family will remain the majority owner of the company, while the rest is shared between the PIF and Italian shareholders, Emilio Patrone and Nicola Volpie. Horacio Pagani maintains his position as CEO of the company, and he says “ever since its foundation, Pagani has enjoyed partnerships with best-in-class players, as we believe that excellence can only be reached through team-work.”
Pagani also states that “our next hypercars will keep conveying unique emotions, irrespectively of their powertrain technology,” which may hint at electric powertrains sometime in the future. Many brands are building EVs now or have been making plans for them to do so, but not many electric hypercars have been announced.
The Zonda was powered by a Mercedes-AMG-built, naturally aspirated V12 engine and had one of the most memorable exhaust notes ever. The Huayra debuted in 2012 and was equipped with a twin-turbo 6.0-liter V12 that delivered 730 horsepower. Unfortunately, that world-famous V12 may be the way of the dinosaur within the next decade.
There is no news on a Huayra successor, but with this new partnership there’s hope of one—maybe even involving a V12 engine, if the company hurries.
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