The car that cares

Porsche and Rimac set up Bugatti JV

Porsche and Rimac have agreed to established up a joint enterprise that incorporates Bugatti.

Porsche chief Oliver Blume and Mate Rimac have signed the corresponding agreements and announced the title of the new hypercar company: Bugatti-Rimac.

The joint enterprise will be centered in Zagreb, Croatia, and is scheduled to be founded in the fourth quarter of 2021. This is subject matter to the prior approval of antitrust authorities in many nations around the world.

Rimac will hold a fifty five% share in the JV when Porsche will have forty five%.

Porsche also holds a 24% share in Rimac straight.

Bugatti will be brought into the joint enterprise by latest proprietor Volkswagen. The shares will then be transferred to Porsche.

Blume explained: “We are combining Bugatti’s solid abilities in the hypercar business with Rimac’s remarkable progressive power in the really promising field of electric powered mobility.”

The Bugatti and Rimac brands will at first generate two hypercar versions: the Chiron and the all-electric powered Nevera.

Bugatti Automobiles will continue to exist in the new joint enterprise and all Bugatti versions will still be generated at the manufacturing facility in Molsheim, France.

“This joint enterprise is the provisional culmination of a strategic chain of investments,” explained Porsche finance chief Lutz Meschke. “We currently bought the first shares in Rimac in 2018 and have successively amplified our shareholding considering that then. We founded a near marriage with Mate and his really progressive staff really early on. We are now benefiting from that. Many thanks to its know-how, Rimac will now enable us to productively lead an emotive and critical brand into the foreseeable future.”

Blume and Meschke will grow to be associates of the supervisory board at Bugatti-Rimac when Mate Rimac will be CEO.

The joint enterprise will have about 430 personnel – around three hundred in Zagreb and one hundred thirty in Molsheim.