Rimac Automobili, the Croatian electric supercar company, and Bugatti Automobiles have created a new automotive and technology company, Bugatti Rimac.
Rimac founder Mate Rimac will serve as chief executive officer of the new company, which will be part of the Rimac Group, which will hold 55 percent equity in the new company.
Mate Rimac retains his 37 percent share of Rimac Group, in which Porsche has a 24 percent stake, Hyundai Motor a 12 percent ownership position, with other investors maintaining their 27 percent interest.
Rimac Technology remains an independent entity 100 percent owned by Rimac Group and will continue to develop and manufacture electric vehicle systems for a variety of global automakers.
The move, according to the announcement, transforms Rimac “from ambitious start-up to established global automotive industry player.” According to The New York Times, Volkswagen Group is selling off Bugatti but through Porsche is maintaining at least partial ownership of the Bugatti heritage.
“In just 10 years, Rimac Automobili has progressed from one man garage start-up, to announcing a new company with one of the world’s most iconic car brands to create Bugatti Rimac d.o.o. (in English – LLC),” according to the announcement.
“In an industry evolving at ever-increasing speed, flexibility, innovation and sustainability remain at the very core of Rimac’s operations. The Croatian-based brand has proven that it can not only keep up, but be the trailblazer, setting the performance and technological benchmark for others. Uniting Rimac’s technical expertise and lean operations with Bugatti’s 110-year heritage of design and engineering prowess, represents a fusion of leading automotive minds.”
While Rimac and Bugatti continue as separate brands, Bugatti Rimac will develope future vehicle for both, according to the announcement. Bugatti Rimac will be operated from a new research and manufacturing campus opening in 2023 in Croatia.
“This is a truly exciting moment in the short, yet rapidly expanding history of Rimac Automobili,” Mate Rimac is quoted. “We have gone through so much in such a short space of time, but this new venture takes things to a completely new level. 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. With the Nevera, we have also proven that we can develop and manufacture outstanding hypercars, that are not only fast, but also exciting and high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history.”
“We are combining Bugatti’s strong expertise in the hypercar business with Rimac’s tremendous innovative strength in the highly promising field of electromobility,” added Oliver Blume, chairman of the executive board of Porsche AG. “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 organizational approaches.”