The new company has been incorporated, with Porsche taking a 45% interest
The company will use the expertise of all of its members in order to produce electric hypercars
The company’s CEO is now Mate Rimac
This new company will make use of both Bugatti and Rimac’s strengths in order to develop electric hypercars for both brands. In addition, the joint venture will be able to count on Porsche for help since the German automaker bought a 45% share of the new company.
The remaining 55% is owned by the Rimac Group, but Porsche already owns 24% of this entity as well, making it more present than it might seem in the new company.
The Rimac Group is integrated inside of the new joint venture, but that won’t stop its consultancy branch, Rimac Technologies, from working with a number of other automakers, which currently include Hyundai and Kia.
Despite the Porsche majority in the new company’s shares, the joint venture will be managed by Mate Rimac, who is still the CEO of the Rimac Group. In addition, the company will have its headquarters at the new Rimac Campus in Croatia.
It is worth mentioning that Bugatti will keep its current headquarters and the two car makers will not share the majority of their staff.
The decision to join forces benefitted the Volkswagen Group, owner of both Porsche and Bugatti, since their investment will be used to develop a number of future Bugatti models instead of only the upcoming Chiron successor.
According to Mate Rimac, this future Bugatti model will still be powered by a gasoline engine, but it will be heavily electrified, which will pave the way to completely electric hypercars in the coming years.