Bugatti is no longer under the control of the Volkswagen Group. (archive image)
Rimac has been interested in expensive and fast cars for a long time and will in the future hold a 55 percent stake in a new joint venture called Bugatti-Rimac. Porsche intends to retain a 45 percent minority stake in the joint venture, which will be established in the fourth quarter and will be based in Zagreb. This means that Rimac is responsible for operational management, said Oliver Blume, CEO of Porsche and a member of the Volkswagen Group’s board of directors. No details of the financial terms of the deal were given.
For Volkswagen car brands, as defined earlier, the sale of Bugatti means the reduction from twelve to eleven. Volkswagen incorporated Bugatti in 1998. Above all, former VW board of directors and supervisory chairman Ferdinand Beach relied on a much larger portfolio of brands during his tenure. Today’s head of Volkswagen, Herbert Diess, explained recently that times have changed. A large number of brands are no longer in themselves an important criterion for him.
Antitrust authorities in many countries have yet to approve the deal, it was said. Porsche and Rimac have been closely related for several years: Porsche has had a stake in Rimac since 2018, and the sports car manufacturer now owns 24 percent of the Croatian company.