Porsche and Rimac take over Bugatti

Germany’s Porsche AG and Croatian Rimac Automobili have entered into a joint venture agreement to own the luxury sports car manufacturer Bugatti. Volkswagen AG, which has owned Bugatti for the past 20 years, is transferring the brand under the control of this joint venture, as it intends to focus on the production of electric vehicles and stop producing cars with internal combustion engines by 2035.

As noted in a press release from Porsche, subject to the approval of the antimonopoly authorities, the Bugatti-Rimac joint venture will be registered in the fourth quarter of this year, and its headquarters will be located in Zagreb. Rimac Automobili will receive a controlling stake in it – 55%, and Porsche, which owns a 24% stake in the Croatian manufacturer, will receive 45%. The head of the joint venture will be the founder and owner of Rimac Automobili, Mate Rimac. The new company is slated to initially produce Bugatti Chiron models and Rimac Nevera electric vehicles, as well as develop new models, including Bugatti electric vehicles.

Alena Miklashevskaya

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