Porsche gives green light for the joint company Bugatti Rimac

Porsche, Bugatti and Rimac are writing a new chapter in the history of the automotive industry. On 1 November, less than four months after it was first announced, one of the motoring world’s most exciting cooperation projects has started doing business under its new structure. The Bugatti Rimac joint venture will be based in Sveta Nedelja (Croatia). Its CEO will be electric hypercar pioneer Mate Rimac, founder and CEO of Rimac Automobili. Porsche AG will play a major role as strategic partner.

Porsche combines two strong brands: Bugatti-Rimac

Porsche and Rimac have agreed to set up a joint venture that incorporates Bugatti. Oliver Blume and Mate Rimac have signed the corresponding agreements and announced the name of the new hypercar manufacturer: Bugatti-Rimac. The joint venture will have its headquarters in Zagreb (Croatia) and is scheduled to be established in the fourth quarter of 2021. This is subject to the prior approval of antitrust authorities in several countries. Rimac will hold a 55 per cent share in the Bugatti Rimac joint venture, while Porsche will have a 45 per cent share. Porsche also holds a 24 per cent share in Rimac directly. Bugatti will be brought into the joint venture by current owner Volkswagen. The shares will then be transferred to Porsche.

Porsche increases stake in Rimac Automobili to 24 percent

Green light for the further expansion of electric mobility: The Supervisory Board of Porsche AG agreed on Friday to increase its stake in Rimac Automobili from 15 to 24 percent. The Croatian company develops and produces high-tech components for electromobility, including high-performance drives and battery systems. It also produces electrically powered super sports cars. Porsche joined the young technology and sports car company as an investor in 2018 and increased its stake to 15 percent in September 2019. The latest capital increase illustrates the expansion of the strategic partnership. Porsche is investing additional 70 million Euros. This means that the sports car manufacturer will hold 24 per cent of the shares without exercising a controlling influence.