Enasa, a state-owned company, had its main business interest in the truck and bus market. In this way, Pegaso became one of the leading European industrial vehicles makers, with significant export activity both to Europe and Latin America; the Benelux, Venezuela and Cuba were Pegaso biggest foreign markets, while a substantial contract to supply tactical trucks to the Egyptian Army was signed in late 70s.

Main Enasa plants were located in Barcelona, Madrid and Valladolid. Between 1946 and 1990 Pegaso built 350,000+ units, yearly maximum production being over 26,000 in 1974.

The forties

First Enasa produced truck, just a slightly modified Hispano-Suiza 66G, was the Pegaso I, of which only a few units were made along 1946 and 47, mostly due to the severe shortages of the post-war era. An enhanced, but still petrol-engined, version, the Pegaso II (model code Z-203), was launched in late 1947 and reached some hundreds of units, while awaiting for a much needed diesel model. This was the Pegaso Diesel (Z-202), nicknamed Mofletes (chubby cheeks) for its rounded bulbous front end, that made its debut in 1949 and quickly established itself as the leader of the in those days weak Spanish truck market. Artic tractor, road train and coach or bus versions were also available soon, and all together they became El camión español (The Spanish truck), as proudly stated Enasa badges and advertisements.

The fifties

Pegaso built about a hundred high-end Z-102 sports cars in the 1950s. The cars were in many ways advanced for the time, as they had all wheel independent suspension, a five-speed gearbox, very powerful supercharged engines, and were offered with the choice of Touring, Saoutchik, Serra or Enasa's own luxury bodies.

While in 1954 the old Pegaso Diesel engine was uprated to , other Ricart's masterpiece, the Pegaso Z-207 truck, was ready to enter mass production, as it actually was from 1955 to 1959. It featured a splendid V6 engine and an unforgettable corrugated-sheet cab, which was also used in other Pegaso truck models in the 1960s and '70s, becoming a piece of the Spanish landscape.

Also technically advanced was the Pegaso Z-403 Monocasco, a two-level monocoque (chassisless) coach, fitted with the diesel engine mounted amidships, and built between 1951 and 1957. Along these years Pegaso built too the more conventional Z-404 coach or urban bus chassis, that used to receive a striking body by Seida of Bilbao, and the Z-501 trolleybus, which featured electric equipment by Cenemesa.

In the off-road segment, first Pegaso product was a caterpillar tractor based in tecnology from Vender, an Italian specialist, and launched in 1957.