The dream team, a.k.a., Porsche and electric hypercar manufacturer, Rimac Automobili, have agreed to launch a joint venture, incorporating the infamous French hypercar manufacturer, Bugatti.
Oliver Blume and Mate Rimac have jointly named the new company Bugatti-Rimac, which will create the next generation of hypercars for both brands. This exciting venture is set to take place later this year, basing its brand-new headquarters based in Zagreb, Croatia, due to open in 2023 and offer positions to around 430 employees.
The new company will share ownership between Rimac, who will hold a 55% share, whilst Porsche AG will take a 45% share. Although it may seem as though Rimac own the majority share, it’s worth noting that Porsche also holds a 24% share in the Rimac group directly, which evens the playing field somewhat. Bugatti will be brought into the joint venture by current owner Volkswagen, which will then transfer its shares to Porsche.
Porsche will play a strong role in the joint venture as a strategic partner. “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 organisation to the joint venture. In addition to technology, Rimac is providing new development and organisational approaches", commented Oliver Blume, Chairman of the Executive Board at Porsche AG.
Under the umbrella of the new company, the Bugatti and Rimac brands will base development of its next generation of ultra-high performance powertrain and chassis technology for both brands, initially producing two hypercar models: the Bugatti Chiron and the all-electric Rimac Nevera.
Each independent brand will continue to retain its own HQ and staff. Bugatti Automobiles S.A.S. will continue to exist in the new joint venture and all Bugatti models will still be produced at the Bugatti factory in Molsheim, France. This production facility is world-renowned for its perfectionism and its excellence in the areas of design and craftsmanship. Jointly developed Bugatti models are intended for the longer-term plan.
Mate Rimac, founder and CEO of Rimac: “This really is an exciting moment. Rimac Automobili has grown very quickly and the joint venture takes the company to a completely new level. 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 technologies, while Bugatti has more than a century of experience in 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 technologies and our assets with the goal of creating very special projects in the future.”
Porsche already entered into a successful partnership with Rimac three years ago. “This joint venture is the provisional culmination of a strategic chain of investments,” says Lutz Meschke, Member of the Executive Board for Finance. “We already purchased the first shares in Rimac in 2018 and have successively increased our shareholding since then. We established a close relationship with Mate and his extremely innovative team very early on. We are now benefiting from that. Thanks to its know-how, Rimac will now help us to successfully lead an emotive and important brand into the future. I am very proud and delighted that we have brought this joint venture to fruition in spite of many challenges. Today is a good day for Bugatti and Rimac, Porsche and also for the Volkswagen Group.”