Porsche and Rimac have agreed to set up a joint venture that incorporates Bugatti, the automakers announced. Porsche and Rimac executives 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.
“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. Bugatti is contributing a tradition-rich brand, iconic products, a loyal customer base and a global dealer organization to the joint venture,” said Oliver Blume, chairman of the Executive Board at Porsche AG. “In addition to technology, Rimac is providing new development and organizational approaches.”
Under the umbrella of the new company, the Bugatti and Rimac brands will initially produce two hypercar models: the Bugatti Chiron and the all-electric Rimac Nevera. Bugatti Automobiles S.A.S. will continue to exist in the new joint venture. Bugatti models will still be produced at the Bugatti factory in Molsheim, France.
“This really is an exciting moment. Rimac Automobili has grown very quickly and the joint venture takes the company to a completely new level,” said Mate Rimac, founder and CEO of Rimac. “Bugatti and Rimac are a perfect match for each other and both contribute important assets: we have established ourselves as an industry pioneer for electric technology, while Bugatti has more than a century of experience in the development of top-class cars and therefore brings with it an outstanding tradition that is practically unique in the history of the automotive industry. Together we will pool our knowledge, our technology and our assets with the goal of creating very special projects in the future.”
