Croatian electric car startup, Rimac Automobili, has combined with Bugatti to create a new company, combining their expertise in design, innovation and technology.
As part of the deal, the newly-formed Rimac Group will be the major shareholder with a 55% stake. Mate Rimac will retain his original shareholding in Rimac Group at 37%, with Porsche at 24%, Hyundai Motor Group doing the same at 12% and other investors at 27%.
The development, production and supply of battery systems, drivetrains and other EV components that Rimac is known for and trusted by many automotive manufacturers will be separated into a new entity – Rimac Technology, which will be 100% owned by the Rimac Group.
Rimac Technology will remain an independent company working with global car manufacturers, with Rimac Automobili retaining its current premises on the outskirts of Zagreb, Croatia and Bugatti production continuing in Molsheim, France.
Rimac Automobili began life as an ambitious EV start-up and has now established itself as a global automotive industry player in just ten years.
Mate Rimac, Founder and CEO of Rimac Automobili, said, “This is a truly exciting moment in the short, yet rapidly expanding history of Rimac Automobili. 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.”
Oliver Blume, Chairman of the Executive Board at Porsche AG, said: “We are combining Bugatti’s strong expertise in the hypercar business with Rimac’s tremendous innovative strength in the highly promising field of electromobility.”
Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG, said: “We bought the first shares in Rimac already three years ago and have successively increased them since then. This enabled us to build a close relationship with Mate and its highly innovative team at an early stage.”
“Rimac is helping us with its know-how to successfully lead an emotional and important Group brand into the future. I am very proud and happy that we have brought this joint venture to the finish line despite numerous challenges. Today is a good day for Bugatti, Porsche and the entire Volkswagen Group.”
Image: courtesy Bugatti Rimac