Building perfection doesn't come cheap.
The automotive business is not easy and extremely complex. It's also very expensive. Small privately-owned automakers sometimes face existential threats due to a lack of funds, no matter how amazing the product. Securing long-term financial stability is key and Pagani has done just that. Already highly successful, Pagani recently struck a deal with Saudi Arabia's Public Investment Fund (PIF) that sees the latter taking a minority stake in the company.
According to Arab News, the deal is part of the Italian hypercar company's long-term strategic plan to improve its technology and "later expand in the lifestyle segment." Pagani founder Horacio Pagani said the deal is "a key step in our long-term growth strategy, which envisages significant investments to ensure that our next hypercars will keep conveying unique emotions."
PIF joins other minority shareholders like Nicola Volpi and Emilio Petrone, and the Pagani family still retains full control over everything. These minority shareholders are there to provide additional financial security. Founded by Horacio Pagani in 1992 after he left his job at Lamborghini to chase his dream, Pagani Automobili launched its first hypercar, the Zonda C12, in 1999. The hypercar world hasn't been the same since.
Today, the Zonda's successor, the Pagani Huayra, will soon be replaced by an all-new model that's expected to retain a V12 engine designed and built by Mercedes-AMG exclusively for Pagani. Details are still being kept under wraps, but many predict the Huayra successor will be a plug-in hybrid.
An all-electric hypercar aimed directly at the likes of the Rimac Nevera and Lotus Evija will debut in 2024. This was announced by Horacio Pagani himself in early 2019. At the time, Pagani acknowledged the fact that "no one was asking" for such a vehicle, but the industry and the world, in general, has changed drastically since then due to the coronavirus pandemic.
A growing list of automakers are announcing plans to gradually retire internal combustion engine technology in favor of battery-electric and hydrogen fuel cell powertrains. Pagani has not made such a commitment yet, but that 2024 reveal definitely won't be the one and only Pagani EV.