Rimac Says It Will Let Bugatti Be Bugatti

Business

Jalopnik 06 July, 2021 - 12:03pm 30 views

Who owns Rimac?

The Rimac Group itself is owned by Porsche (24%), Hyundai (12%), founder Mate Rimac (37%), and other investors that own the remaining 27%. The Rimac Group is divided into Rimac Technology, which is owned 100% by the Rimac Group, and the new Bugatti Rimac. AutoweekDid Porsche Just Take Over Rimac?

Ferdinand Piëch was the worst/best kind of automaker chairman, a dumb old rich guy who does whatever he wants, thereby giving the rest of us conversation fodder. One of his dumb old rich guy ideas was to buy Bugatti, which everyone kind of just played along with at the time.

Bugatti, whose Chiron model starts at close to $3 million, will become part of a joint venture between Volkswagen’s Porsche unit and Rimac, a young Croatian company that has made a name for itself doing design and engineering projects for large carmakers.

Rimac will own 55 percent of the joint venture, known as Bugatti-Rimac, and Porsche will own 45 percent. Mate Rimac, the 33-year-old founder of Rimac, will be the chief executive. The companies did not disclose financial terms.

Oliver Blume, the chief executive of Porsche, acknowledged Monday that the deal removes a distraction for Volkswagen and allows the company to focus on more important tasks. Those include shifting to production of electric vehicles and overcoming the effects of an emissions scandal.

Toyota outsold GM in the second quarter of this year, which was a landmark of sorts but probably a temporary one, as The Wall Street Journal reports.

Between April and June, Toyota TM 0.31% sold 688,813 vehicles in the U.S., giving it a razor-thin 577-unit margin of victory over GM, according to figures from the two companies. It was the first time a Japanese car maker took the top position in the U.S., according to car-shopping website Edmunds.com, and came as the politically sensitive U.S. trade deficit is widening.

“Toyota thinks this was an unusual case due to production constraints and other factors,” spokeswoman Shino Yamada said. She called it a “short-term event for this quarter.”

Toyota bet earlier than most car makers on a recovering U.S. car market. As a result, the company cut production and parts orders less sharply than competitors, making it better prepared for the current surge.

Toyota eased away from a strict application of its just-in-time production system, in which parts are delivered to factories right as they are needed. It has said it built up a four-month stockpile of chips and other key parts.

While other car makers were shutting down factories because of the shortages, Toyota was nearly unaffected, according to research firm LMC Automotive. Toyota’s factories have run at over 90% capacity so far this year, compared with 50% to 60% for most of its rivals, according to LMC data.

The future of Vauxhall’s Ellesmere Port factory had been uncertain since its owner said in 2019 that it wanted to make the new Astra car there, but it would depend on the outcome of Brexit, which was only settled in December 2020.

Stellantis said it had been “supported by the UK government”, having sought a binding commitment from the authorities to make fresh investment. Some car companies have received around 10% towards their investments.

“It’s a huge vote of confidence in our economy, in the people of Ellesmere Port and in our fantastic post-Brexit trading relationships,” Prime Minister Boris Johnson said in a video message.

Congratulations to Boris Johnson, whose core demographic is still mad about something.

I remain pretty skeptical that battery-electric trucks will be a thing when it comes to long-haul trucking — as opposed to fuel cell electric trucks, which are more likely the future there — but companies with a lot more on the line continue to act like battery-electric semis are the future. And I’m not talking about Tesla and its Semi, but Volvo, Traton, and Daimler, who said this week that they were going to invest hundreds of millions of dollars into a joint charging network.

From Reuters:

“The key ingredient in the future rolling-out of electric vehicles will be the infrastructure. It will be the big bottleneck,” Martin Daum, chief executive of Daimler Trucks, to be spun off from Daimler later this year, told Reuters.

The three companies, which are all building electric trucks and are normally competitors, will jointly invest 500 million euros ($593 million) in the venture that they will own equally and that will start operations in 2022.

“And thereafter we are very open in all directions to let other parties partner with us and actually bring equity into the joint venture,” Traton CEO Matthias Gruendler said, adding he expected a lot of outside interest once the JV has been set up.

The aim is to install and operate at least 1,700 charging points within five years. The joint company will be based in Amsterdam and will over time seek further partners and public funding.

The company said on Tuesday that chip shortages would be worse than anticipated in the second quarter of its financial year, but that the situation would improve in the second half.

“We now expect chip supply shortages in the second quarter ended 30 September 2021 to be greater than in the first quarter, potentially resulting in wholesale volumes about 50 per cent lower than planned,” the carmaker said in a statement on Tuesday.

Shares in Tata Motors, JLR’s Indian parent company, fell 9 per cent after the announcement.

Wholesale volumes, excluding a Chinese joint venture, came to 84,442 units in the first quarter of the financial year, about 27 per cent lower than planned because of the semiconductor supply constraints and the impact of the coronavirus pandemic. The company said that “this reduction had been broadly anticipated”.

On July 6, 1994, the movie Forrest Gump opens in U.S. theaters. A huge box-office success, the film 

I still aspire to one day get a Snapper lawnmower.

I went golfing on Sunday at Bethpage, which means, because I am in my late 30s, that I haven’t been able to move since. On the way back, on the Grand Central Parkway, it was dumb money car show. Several Ferraris, about eight million new M3s. I even saw an X6 M, easily the dumbest money.

But I’m alive, so there is that.

Read full article at Jalopnik

Volkswagen Sheds Bugatti, Maker of Over-the-Top Sports Cars

The New York Times 06 July, 2021 - 03:05pm

Despite sticker prices in the millions, the storied brand chronically lost money. The Croatian firm Rimac will take a controlling interest.

Volkswagen said Monday that it was giving up control of Bugatti, the storied automaker whose absurdly expensive hypercars are worshiped by aficionados but seemed incongruous at a company better known for economical Golfs and Passats.

Bugatti, whose Chiron model starts at close to $3 million, will become part of a joint venture between Volkswagen’s Porsche unit and Rimac, a young Croatian company that has made a name for itself doing design and engineering projects for large carmakers.

Rimac will own 55 percent of the joint venture, known as Bugatti-Rimac, and Porsche will own 45 percent. Mate Rimac, the 33-year-old founder of Rimac, will be the chief executive. The companies did not disclose financial terms.

The deal undoes a major legacy of Ferdinand Piëch, who dominated Volkswagen for two decades and built the company into a global empire. Volkswagen’s purchase of Bugatti out of bankruptcy in 1998, long before it owned Porsche, was widely seen as an indulgence by Mr. Piëch with questionable business logic. By his own account, Mr. Piëch, then the Volkswagen chief executive, got the idea after one of his sons admired a model of a vintage Bugatti in a souvenir shop while the family was vacationing in Spain.

Oliver Blume, the chief executive of Porsche, acknowledged Monday that the deal removes a distraction for Volkswagen and allows the company to focus on more important tasks. Those include shifting to production of electric vehicles and overcoming the effects of an emissions scandal.

Despite price tags that can top $10 million for limited edition models, and celebrity owners like the Portuguese soccer star Cristiano Ronaldo and the entertainer Jay Leno, Bugatti chronically lost money.

“It’s the only way to develop Bugatti for a profitable future,” Lutz Meschke, the chief financial officer of Porsche, said of the joint venture.

But the venture allows Porsche to keep its hand in the business and benefit from technological innovations, Mr. Blume said. Porsche is itself a storied sports car brand, but many of its models sell for less than $100,000 and it has been a steady moneymaker for Volkswagen.

Mr. Rimac said that Bugatti will begin shifting to electric vehicles but continue to sell cars with internal combustion engines for years to come. Bugatti’s current flagship is the Chiron, which is equipped with a 16-cylinder, 1500 horsepower gasoline engine and has a top speed of 300 miles per hour.

Mr. Rimac founded the company that bears his name in 2009 with the idea of building a sports car, he said Monday. The firm became a supplier of technology to bigger carmakers in order to survive. Porsche is also a shareholder in Rimac, as is Hyundai.

So far, Rimac has sold only a few prototypes, but is preparing to begin selling an electric sports car called the Nevera that will be able to go from zero to 60 m.p.h. in less than two seconds.

Future Bugattis will be completely different vehicles from the Nevera, Mr. Rimac said, with more emphasis on features like the sumptuous leather interiors Bugattis are known for. “We haven’t figured everything out ourselves,” he said.

Bugatti has a long history of losing money. The company was founded early in the 20th century by Ettore Bugatti, who studied art and taught himself auto engineering. One of the company’s most famous cars was the Bugatti Type 41 Royale. First sold in 1926, it was powered by a modified aircraft engine and had a top speed of 100 m.p.h. — unheard of at the time. But only a few were built and they were not profitable, a chronic problem for the company. Bugatti went out of business a few years after Mr. Bugatti died in 1947. There were short-lived attempts to revive production in the decades to follow, but Bugatti was little more than a brand name when Volkswagen bought it.

Bugatti-Rimac will be based in Zagreb but retain a presence in Molsheim in France’s Alsace region, where Ettore Bugatti’s former villa and estate serve as a company showcase and workshop.

Bugatti-Rimac: VW Hands Control of Bugatti to Croatian EV Maker and Porsche

Bloomberg Quicktake: Now 06 July, 2021 - 03:05pm

Electric Bugatti hypercars are coming as it signs deal with Rimac

This is Money 06 July, 2021 - 03:05pm

By Ray Massey For Thisismoney.co.uk

Dramatic plans for all-electric luxury Bugatti hypercars accelerated today as Porsche-backed Croatian supercar-maker Rimac announced a landmark merger deal that puts its battery power and motors at their zero-emissions heart.

The new deal came as Rimac Automobili and Bugatti Automobiles announced the creation of new company called 'Bugatti Rimac' to combine their expertise in design, innovation and technology: with Porsche – part of the giant Volkswagen Group - having a significant holding and oversight.

Although the Rimac Group will be majority shareholder with 55 per cent stake, German giant Porsche is keeping its existing 24 per cent shareholding in the Rimac Group and is acquiring a 45 per cent stake in new company which will be led by Rimac founder Mate Rimac as chief executive officer.

Bugatti and Rimac has announced a new merger that will see the two hypercar-makers work collaborate on electric models for the future

Uniting Rimac's technical expertise and lean operations with Bugatti's 110-year heritage of design and engineering prowess, represents a fusion of leading automotive minds.

The partners said Rimac and Bugatti were combining forces in 'a historic new venture' noting: 'Rimac Automobili announces another major milestone in its history, as it combines forces with iconic automotive brand, Bugatti Automobiles, to create a new automotive and technological powerhouse.

'In just 10 years, Rimac Automobili has progressed from one man garage start-up, to announcing a new company with one of the world's most iconic car brands to create Bugatti Rimac LLC.'

Rimac's new Nevera hypercar (right) alongside the Bugatti Chiron

They said Bugatti Rimac represents the company that will 'develop the future of both Bugatti and Rimac vehicles' by joining resources and expertise in research and development, production and other areas. 

It will begin trading as a new combined entity from last quarter of 2021.

Rimac Group will continue to innovate, creating both its own hypercars, as well as developing systems and technologies for many global companies. Such innovative technology can also be deployed in future Bugatti and Rimac models, it said

Both brands will also continue to operate independently, with Rimac Automobili retaining its current premises on the outskirts of Zagreb, Croatia and Bugatti production continuing in Molsheim, France.

As part of the deal, the group's founder Mate Rimac will retain his original shareholding at 37 per cent, with Hyundai Motor Group also involved with a 12 per cent stake and other investors making up the 27 per cent remaining.

The development, production and supply of battery systems, drivetrains and other EV components will be separated into a new entity – Rimac Technology, which will be 100 per ceny owned by the Rimac Group. This Rimac Technology arm will remain an independent company working with many global car manufacturers.

As CEO of Rimac Group, Mate Rimac will run both Bugatti Rimac and the new division, Rimac Technology.

The new deal came as Rimac Automobili and Bugatti Automobiles announced the creation of new company called 'Bugatti Rimac' to combine their expertise in design, innovation and technology: with Porsche having a significant holding and oversight

The deal comes just a month after Rimac launched the fastest accelerating road-legal car in the world – the all electric Nevera.

It outpaces the mighty petrol-powered Bugatti Chiron hypercar. The scintillating new £2million, 258mph Nevera - formerly known as the C_Two concept - is designed, engineered and, as announced today, will be built by Croatian car company Rimac - the brand famed by The Grand Tour presenter Richard Hammond's fiery crash in 2017 that catapulted the manufacturer into the headlines. 

The Nevera can accelerate from rest to 60mph in a staggering 1.85 seconds - hitting 100mph from a standstill in a mere 4.3 seconds and 186mph (or 300km/hr) in 9.3 seconds - while producing zero tailpipe emissions. 

The £2million Rimac Nevera is the fastest-accelerating road car on the planet. It was revealed just last month. Rumours of a Bugatti and Rimac merger have been swirling for months

Mate Rimac, founder and CEO of Rimac Automobili said at the announcement of the new Bugatti Rimac deal: 'This is a truly exciting moment in the short, yet rapidly expanding history of Rimac Automobili. 

'We have gone through so much in such a short space of time, but this new venture takes things to a completely new level. 'Rimac and Bugatti are a perfect match in terms of what we each bring to the table. 

'As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies.'

He added: 'We have just launched our latest hypercar – the Nevera – to universal global acclaim. So I can't begin to tell you how excited I am by the potential of these two incredible brands combining knowledge, technologies and values to create some truly special projects in the future.'

'With the Nevera, we have also proven that we can develop and manufacture outstanding hypercars, that are not only fast, but also exciting and high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history.' 

Although the Rimac Group will be majority shareholder with 55% stake, German giant Porsche is keeping its existing 24% shareholding in the Rimac Group and is acquiring a 45% stake in new company which will be led by Rimac founder Mate Rimac as chief executive officer

Oliver Blume, chairman of the executive board at Porsche AG said: 'We are combining Bugatti's strong expertise in the hypercar business with Rimac's tremendous innovative strength in the highly promising field of electromobility. 

'Bugatti is contributing a tradition-rich brand, iconic products, a loyal customer base and a global dealer network to the joint venture. In addition to technology, Rimac is contributing new development and organisational approaches.'

Lutz Meschke, deputy chairman and board member for finance and IT at Porsche AG said: 'We bought the first shares in Rimac three years ago and have successively increased them since then. This enabled us to build a close relationship with Mate and its highly innovative team at an early stage.

'Now we are benefiting from this. Rimac is helping us with its know-how to successfully lead an emotional and important Group brand into the future. I am very proud and happy that we have brought this joint venture to the finish line despite numerous challenges. Today is a good day for Bugatti, Porsche and the entire Volkswagen Group.'

The company said that in time Bugatti Rimac's global headquarters will move to the recently announced Rimac Campus on the outskirts of Zagreb, also serving as the home of Rimac Technology. 

The £200milion, 100,000 square metre campus with room for 2,500 staff and due to open in 2023, will be the base for all research and development of future Rimac and Bugatti hypercars.

In March, Rimac announced it was setting up a research base in Warwickshire – next door to Jaguar Land Rover and Aston Martin. It plans to employ 30 staff there.

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Bugatti won't drop piston-powered cars under Rimac ownership

Autoblog 06 July, 2021 - 03:05pm

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Volkswagen solved its Bugatti problem by merging the French carmaker with Croatia-based Rimac. Both companies will face the regulatory challenges of the 2020s together, but hastily putting the Chiron out to pasture and lazily resorting to badge engineering isn't an option, according to the man in charge of the newly-formed group.

"I'm a car guy. We will not just recycle what we have — not restyle the Chiron or hybridize the Chiron. We're developing a completely new product from the ground up. Everything, because we think that's the best way to go. That product will have an internal combustion engine," said Mate Rimac in an interview with Auto Express.

In a separate interview with Autocar, he added that "what some people expect might happen is that we take a Nevera and slam a Bugatti logo on it and call it a Bugatti." He stressed "that's absolutely not going to happen."

Whether that internal combustion engine will be the thunderous W16 that powers the Chiron, among several other cars, remains to be seen. Rumors occasionally puff out of the auto industry's chimney claiming the unit will retire when the Chiron does. Regardless, an internal combustion engine won't power Bugatti's next models on its own. Hybrid technology will gradually appear to increase horsepower and acceleration times while improving fuel efficiency.

Of course, the whole point of putting Bugatti under Rimac's roof is to give the former access to the latter's electric technology. Some degree of technology transfer is inevitable, though the partnership may take time to bear fruits.

"I'll say that, within this decade, there will be a fully electric Bugatti. But, by the end of this decade, there will be combustion-engined Bugatti models as well, but heavily hybridized," Mate Rimac said. While "Bugatti is going electric" is likely to be the main takeaway, Rimac's comments also confirm that a multi-model range is in the pipeline. Auto Express speculated one way Bugatti could credibly expand beyond the hypercar segment is to release a sedan.

Finally, Rimac played down concerns that Bugatti and Rimac will ultimately overlap.

"Bugatti is about heritage and craftsmanship; Rimac focuses on technology. It's like Bugatti being an analog Swiss watch, and Rimac cars being an Apple watch," he said. "We can have two parallel, very distinct product lines."

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Rimac Just Bought Bugatti. Here's Why It's a Huge EV Bet for VW

The Drive 06 July, 2021 - 03:05pm

As more automakers encroach on Bugatti's unique market space, the need to modernize is real. The era of building bespoke motorcoaches for royalty and Grand Prix racers is long gone, and the days of huge W16-powered luxo-barges are seemingly numbered with the uptick in electrification elsewhere in the space. And that's where Rimac and its knack for building 1,914-horsepower electric hypercars comes into play.

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Bugatti and Croatian Electric Supercar Startup Rimac Merge in New Deal

Robb Report 06 July, 2021 - 03:05pm

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On Monday, the Volkswagen Group announced that it was relinquishing control of the storied marque it has owned for more than two decades. The French hypercar specialists will now be part of Bugatti-Rimac, a new joint operation that will be run by the Croatian EV startup and Porsche, according to The New York Times.

The Volkswagen Group first bought Bugatti out of bankruptcy back in 1998. The marque was always an odd fit at the company and was a chronic money loser despite producing acclaimed supercars, like the Chiron, with seven-figure price tags. That might explain why rumors have swirled over the past year about whether or not Rimac or Porsche, which is also owned by Volkswagen Group, would take control of the brand.

The Porsche Taycan, Rimac Nevera and Bugatti Chiron  Volkswagen Group

In the end, it will be both. Although no financial terms have been disclosed, Rimac will own 55 percent of the new venture, while Porsche will own 45 percent. The two companies have a working relationship that goes back three years, with Porsche directly owning 24 percent of Rimac, according to a press release. Assuming that the transaction is  approved by antitrust authorities in several countries, Bugatti-Rimac will officially launch in the fourth quarter of this year. The new company will be led by Rimac founder Mate Rimac and will be based out of Croatia, though Bugatti will maintain its historic headquarters in Molsheim, France.

“We are combining Bugatti’s strong expertise in the hypercar business with Rimac’s tremendous innovative strength in the highly promising field of electric mobility,” Porsche chairman Oliver Blume said in a statement. “Bugatti is contributing a tradition-rich brand, iconic products, a loyal customer base and a global dealer organization to the joint venture. In addition to technology, Rimac is providing new development and organizational approaches.”

The first cars produced under the Bugatti-Rimac name will be the combustion Chiron and battery-powered Nevera. The 1,900 hp EV won’t be the first fully electric Bugatti, however. Instead, Motor1.com reports that the company intends to build the marque’s first battery-powered hypercar, which is expected to debut before decade’s end, from the ground up.

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Rimac takes over Bugatti from VW in powerhouse electric supercar deal

The Verge 06 July, 2021 - 02:33pm

The Croatian EV company will take a controlling interest in the 112-year-old French sports car brand

Bugatti Rimac will be led by Mate Rimac, who founded the company in 2009 in a garage as a one-man operation. Over that period, Rimac has become a highly desirable brand, with many legacy automakers calling upon the startup to help build their own electric supercars.

It’s not much of a question why that is. Earlier this year, Rimac released the Nevera, a quad-motor, 1,914 horsepower demonstration of electric absurdity, with a top speed of 258mph and an ability to leap to zero to 60mph in less than 2 seconds. The Nevera is expected to be the fastest sports car ever made, a title previously held by the Bugatti Chiron.

Under the deal, Rimac will own a controlling 55 percent stake in Bugatti, the 112-year-old French brand known for its aggressively priced supercars like the Chiron and Veyron. VW’s Porsche brand will own the remaining shares in Bugatti. (Even though Porsche owns some stock in Rimac, it’s total ownership will not give it a controlling interest in Bugatti, the companies told FT.)

Volkswagen has owned Bugatti since 1998, when it bought the sports car brand for $50 million after acquiring Rolls-Royce and Lamborghini. This was an all-stock deal, meaning no money changed hands, according to Porsche boss Oliver Blume.

Rimac Group will own both Bugatti Rimac and Rimac Technologies, an offshoot of the company focused on the development, production and supply of battery systems, drivetrains and other EV components. Over the years, Rimac has supplied automotive components to Porsche, Hyundai, and, yes, Bugatti.

“Bugatti and Rimac will both continue as separate respective brands, retaining existing production facilities and distribution channels,” Rimac says. “Bugatti Rimac represents the company that will develop the future of both Bugatti and Rimac vehicles, by joining resources and expertise in research and development, production, and other areas.”

Both companies will retain their respective headquarters, but Rimac plans to eventually merge its workforce at the planned $200 million campus in Croatia, which is set to open in 2023.

“This is a truly exciting moment in the short, yet rapidly expanding history of Rimac Automobili,” Mate Rimac said in a statement. “We have gone through so much in such a short space of time, but this new venture takes things to a completely new level. Rimac and Bugatti are a perfect match in terms of what we each bring to the table. As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies.”

Rimac said Bugatti would have an electric model this decade but would still produce hybrid models by the end of that period.

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2022 BMW 2-Series, Bugatti And Rimac Team Up, 2023 Kia Sportage, F&F Vin Diesel Memes: Your Morning Brief

CarScoops 06 July, 2021 - 02:33pm

The Clean Energy for America Act includes a proposal that would give customers an incentive of up to $12,500 (£9,023 / €10,532) for buying an electric vehicle, but only one made by union workers at plants in the United States. That would make non-union-built Teslas and VWs, plus the Mexican-built Ford Mustang Mach-E, ineligible for the grant.

After months of rumors and speculation, Porsche has officially announced Bugatti and Rimac are joining forces. Rimac will be in control thanks to its 55% stake in the joint venture, and Porsche will hold the remaining 45% stake, while also, slightly confusingly, owning 24% of Rimac. What does this mean for Bugatti? It will have an EV on sale by the end of the decade.

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Rimac Says It Will Let Bugatti Be Bugatti

Jalopnik 06 July, 2021 - 12:03pm

“We will not just recycle what we have, we will not like just restyle the Chiron to make a new car, or just hybridize the Chiron. We are developing a complete new product from the ground up—everything—because we think that’s the best way to go, and that product will still have a combustion engine,” Rimac said.

Will Bugatti eventually go all-electric? Of course, because practically everyone will at some point. (For that reason, it always amuses me when a manufacturer like Opel or Cupra pitches themselves as an “electric brand.” That identity is going to be meaningless in five years.) But what might actually make this good for Bugatti is that Rimac and Porsche aren’t merely looking to electrify — they’re looking to build out the marque’s repertoire.

Bugatti doesn’t need a slate of models across various body styles like Porsche; they’re too high end for that, and the Chiron (and the Veyron before it) already does a fine job of selling the brand to the uber-rich. Still, Volkswagen has flirted with giving Bugatti more to work with over the last few decades. Like the four-door, all-wheel-drive Galibier concept from 2009, which seemed destined for production but never made it. Or the strange EB218 concept that came a decade earlier and was powered by a W18 engine.

“However, we are thinking long-term and we’re going to add this amazing brand, which has a lot of diversity in its heritage, can be used to make products that are not only hypercars, and they’re the opportunities to make very exciting, different cars that are very strongly electrified, and fully electric.”

Rimac followed that up by saying that while Bugatti EVs will emerge within the decade, by the end of it, the company will still offer something that includes an internal-combustion engine. All things considered, that seems like a pretty respectable way to close out that chapter of a storied legacy.

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