Pagani Announced An EV Supercar For 2024

The car industry is huge and challenging, and also rather costly. Regardless of how great the product is, small privately-owned automakers are occasionally threatened with extinction owing to a lack of money. Pagani has done an excellent job of ensuring long-term economic stability. Pagani, which is already a huge success, recently inked an agreement with Saudi Arabia's Public Investment Fund (PIF) to buy a minority share in the firm.

The acquisition, according to Arab News, is part of the Italian hypercar manufacturer's long-term strategy to develop technology. The agreement is "a critical step in our long-term expansion plan, which envisages major expenditures to ensure that our upcoming hypercars continue to communicate distinct feelings," according to Pagani founder Horacio Pagani.

PIF will join other minority owners such as Nicola Volpi and Emilio Petrone, but the Pagani family will retain complete control. These minority stockholders are in place to ensure financial stability. Pagani Automobili was founded by Horacio Pagani in 1992 when he quit his position at Lamborghini to pursue his passion. Its first hypercar, the Zonda C12, was released in 1999.

Since then, the hypercar industry has never been the same. Now, the Pagani Huayra, Zonda's replacement, will be followed by an all-new vehicle that is likely to keep the V12 engine conceived and produced specifically for Pagani by Mercedes-AMG.

Huayra's replacement is expected to be a plug-in hybrid, however, specifics are still being kept hidden. In 2024, an all-electric hypercar aiming squarely at the Rimac Nevera and Lotus Evija will make its premiere. Horacio Pagani personally stated this in early 2019. Pagani said at the time that no one was begging for such a car, but the business and the world have changed dramatically since then as a result of the coronavirus disaster.

An increasing number of automakers have announced intentions to phase out internal combustion engines in favor of battery-electric and hydrogen fuel cell powertrains over time. Pagani hasn't made a firm promise, but the 2024 unveiling won't be the only Pagani EV on the market.