Pagani's latest investor, Saudi Arabia's PIF, bought thirty percent of the company's shares last week, but has yet to issue any statement on the matter. To this day, neither Pagani nor its new investor announced the value of the deal. However, Mr. Pagani has made a statement.
The deal leaves Mister Horacio Pagani as the chief executive and chief design officer of the company that bears his name. The Italians were the only party to issue a statement after the deal, while their new Saudi Arabian partners have decided against that for the time being.
Do not expect too many press releases from them, as the investment fund was previously criticized years ago by American media for not naming any of its investments. The sale of thirty percent of Pagani stocks was kept as private as possible, and the Pagani family will remain the majority shareholder. The Italian company retains its existing minority shareholders after the sale, and now the Public Investment Fund is one of those entities.
But let us come back to Mr. Pagani, who stated the partnership with PIF, which is the Public Investment Fund of Saudi Arabia, is a key step in the company's long-term growth. Fortunately, his statement continued with an interesting phrase, which states that the upcoming hypercars from Pagani will "convey unique emotions irrespective of their powertrain technology."
Did you catch that last bit? It means that Pagani could explore new powertrain solutions for its upcoming hypercars. Their neighbors at Lamborghini already have hypercars with supercapacitors in production, so it comes as no surprise as Pagani experiments with electrification.
According to the Pagani brand, the deal will allow the company to continue its innovative path in the hypercar industry, while also exploring new growth opportunities in the lifestyle segment. In the case of the latter, the Italian company has launched Pagani Arte, which will oversee its endeavors in that direction.
Do not expect too many press releases from them, as the investment fund was previously criticized years ago by American media for not naming any of its investments. The sale of thirty percent of Pagani stocks was kept as private as possible, and the Pagani family will remain the majority shareholder. The Italian company retains its existing minority shareholders after the sale, and now the Public Investment Fund is one of those entities.
But let us come back to Mr. Pagani, who stated the partnership with PIF, which is the Public Investment Fund of Saudi Arabia, is a key step in the company's long-term growth. Fortunately, his statement continued with an interesting phrase, which states that the upcoming hypercars from Pagani will "convey unique emotions irrespective of their powertrain technology."
Did you catch that last bit? It means that Pagani could explore new powertrain solutions for its upcoming hypercars. Their neighbors at Lamborghini already have hypercars with supercapacitors in production, so it comes as no surprise as Pagani experiments with electrification.
According to the Pagani brand, the deal will allow the company to continue its innovative path in the hypercar industry, while also exploring new growth opportunities in the lifestyle segment. In the case of the latter, the Italian company has launched Pagani Arte, which will oversee its endeavors in that direction.
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