Did Rimac buy Bugatti?
Croatian electric supercar startup Rimac Automobili is taking over Bugatti. Rimac will own a controlling 55% share in the new company, Bugatti-Rimac, with VW's Porsche owning the remaining 45... TechCrunchVW offloads Bugatti to Rimac to form new EV company Bugatti-Rimac
06 July, 2021 - 12:09pm
Porsche and Croatian electric performance car manufacturer Rimac have agreed to create a joint venture that incorporates Volkswagen's high-performance Bugatti brand, officials announced Monday.
The new joint venture — called Bugatti-Rimac — is expected to be established as a hypercar manufacturer (think high-end sport car or supercar but better performance and more exclusive) in the fourth quarter of this year.
Rimac will have a 55% stake in the joint venture, while Porsche will hold a 45% stake in the company. Bugatti's shares will be transferred from Volkswagen, which owns Porsche and Bugatti, to Porsche and then to Rimac, the companies said. Porsche also currently holds a 24% stake in Rimac, up from an initial 10% ownership in 2018.
The first vehicles planned from the tie-up are an eight-cylinder, 1,500-horsepower Bugatti called the Chiron and a $2.4 million all-electric hypercar called the Rimac Nevera, which the company says has about 1,900 horsepower and can exceed 250 mph. The vehicles had previously been announced separately by the companies.
"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," said Porsche CEO Oliver Blume, in a statement.
Blume, during a call with media on Monday, called the new joint venture a "perfect combination."
Blume and Porsche CFO Lutz Meschke will become members of the board at Bugatti-Rimac. Rimac founder Mate Rimac will lead the joint venture as CEO, the companies said.
In a statement, Mate Rimac, who founded the company in his garage in 2009, called the joint venture an "exciting moment" and the combination of the companies "a perfect match for each other."
"I think we can do incredible things," he told reporters Monday. "It's an immense opportunity."
The companies did not disclose financial terms of the new joint venture.
Bugatti-Rimac is expected to have about 430 employees. That includes 300 at the company headquarters in Croatia, where Rimac is based, and 130 at the Bugatti factory in Molsheim, France. The companies said all Bugatti models will still be produced at the famed facility.
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06 July, 2021 - 11:34am
06 July, 2021 - 01:57am
The two companies will be "combining their expertise in design, innovation and technology" as a new entity while the original brands remain separate
Rimac’s rumoured purchase of Bugatti hasn’t come to pass. What’s actually happened, though, is arguably more interesting.
Both brands have joined forces to create a new company called Bugatti Rimac d.o.o, which will be run by Rimac founder and CEO Mate Rimac and headquartered in Croatia. The two will be “combining their expertise in design, innovation and technology” to aid the development of future cars, but the newly created entity won’t be responsible for making them.
The Bugatti and Rimac brands will continue to operate independently while absorbing all the glorious knowledge unlocked by the joint venture. Porsche will own 45 per cent of the latter, with the newly-formed Rimac Group taking a 55 per cent controlling stake.
The Rimac Group is the new umbrella company for the two sides of the Croatian endeavour, now formerly split as Rimac Technology and another as-yet-unnamed firm to take care of building bonkers hypercars like the 1888bhp Nevera. Ownership of the group is divided between Mate Rimac (37 per cent), Porsche (24 per cent), Hyundai (12 per cent) and various other investors (27 per cent).
As for Bugatti Rimac, it’ll begin trading from the fourth quarter of 2021, taking up its permanent residence in the £170 million Rimac Campus in Kerestinec when its opens in 2023.
“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.”
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