Deal done: Rimac takes majority control of Bugatti

The Volkswagen Group has confirmed speculative reports dating from last year that it has sold the majority stake in Bugatti via Porsche to Croatian electric hypercar manufacturer Rimac.

In a joint statement tabled last night, the automakers revealed that the company will be known as Bugatti-Rimac with the latter holding a 55% share in the iconic Molsheim brand, while Porsche, which already owns 24%, will retain its 45% shareholding after investing $83-million earlier this year.

Production facilities will remain unchanged though and accordingly, independent from each other with Bugatti Chiron assembly staying in Molsheim while Rimac will produce its new Nevera at its recently upgraded plant located outside the Croatian capital, Zagreb.

In addition to the merger, Rimac CEO and founder Mate Rimac will head the ‘new’ marque and oversee the completion of a new €200-million research and development centre located within the so-called Rimac Campus in Zagreb that is expected to open in 2023.

The Croatian marque will remain the main developer of EV systems within the brand under the Rimac Technology division, of which it wholly owns with no input said to come from Bugatti in the long term.

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“Rimac and Bugatti are a perfect match in terms of what we each bring to the table. As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies,” Mate Rimac said in a statement.

“Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history. I can’t begin to tell you how excited I am by the potential of these two incredible brands combining knowledge, technologies and values to create some truly special projects in the future”.

Porsche CEO Oliver Blume, who will sit on the supervision board along with Porsche’s Executive Board Deputy Chairman Lutz Meschke, added that, “we are combining Bugatti’s strong expertise in the hypercar business with Rimac’s tremendous innovative strength in the highly promising field of electromobility.

“Bugatti is contributing a tradition-rich brand, iconic products, a loyal customer base and a global dealer network to the joint venture. In addition to technology, Rimac is contributing new development and organisational approaches”.

For now, the company has remained mum on the likely rollout of more models under the Bugatti and Rimac names as it will focus on the Chiron and Nevera for now.