Croatian electric supercar startup Rimac has announced that it is taking over Bugatti from Volkswagen to form a new company called Bugatti Rimac. The news was first reported by the Financial Time.
Bugatti Rimac will be managed by Mate Rimac, who founded the company in 2009 in a garage as a sole proprietorship. During this time, Rimac has grown into a very popular brand, with many mainstream car makers turning to the startup to help them build their own electric supercars.
It’s not really a question why. Earlier this year, Rimac released the Nevera, a 1914 horsepower four-motor demonstration of electric absurdity, with a top speed of 258 mph and the ability to jump from zero to 60 mph in under 2 seconds. The Nevera is set to be the fastest sports car ever made, a title previously held by the Bugatti Chiron.
As part of the deal, Rimac will own a controlling 55% stake in Bugatti, the 112-year-old French brand known for its aggressively priced supercars like the Chiron and Veyron. VW’s Porsche brand will own the remaining Bugatti shares. (Even if Porsche owns shares in Rimac, its full ownership will not give it a controlling stake in Bugatti, the companies said. FT.)
Volkswagen has owned Bugatti since 1998, when it bought the sports car brand for $ 50 million after acquiring Rolls-Royce and Lamborghini. It was an all-stock deal, meaning no money changed hands, according to Porsche boss Oliver Blume.
Rimac Group will own both Bugatti Rimac and Rimac Technologies, a subsidiary of the company focused on the development, production and supply of battery systems, transmissions and other components for electric vehicles. Over the years Rimac has supplied automotive components to Porsche, Hyundai and, yes, Bugatti.
“Bugatti and Rimac will both continue as separate respective brands, retaining existing production facilities and distribution channels,” Rimac said. “Bugatti Rimac represents the company that will develop the future of Bugatti and Rimac vehicles, bringing together resources and expertise in research and development, production and other areas. “
The two companies will retain their respective headquarters, but Rimac plans to eventually merge its workforce at the planned $ 200 million campus in Croatia, which is slated to open in 2023.
“This is a really exciting time in the short but growing history of Rimac Automobili,” Mate Rimac said in a statement. “We’ve been through so much in such a short time, but this new company takes things to a whole new level. Rimac and Bugatti fit together perfectly in terms of what we each bring to the table. As a young, agile and fast-paced automotive and tech company, we have established ourselves as an industry pioneer in electrical technologies. “
Rimac said Bugatti will have an electric model this decade, but will still produce hybrid models by the end of this period.