Volkswagen and Porsche approved the deal between Bugatti and Rimac, which has been rumored for quite some time.
The joint venture was announced on Monday (5th July) and will consist of two companies under the Rimac Group umbrella – Bugatti Rimac LLC and Rimac Technology.
Rimac Group will hold a 55 percent stake in Bugatti Rimac, while Mate Rimac (Founder and CEO of Rimac Automobili and CEO of Rimac Group) will retain a 37 percent stake.
Furthermore, Porsche (24 percent), Hyundai Motor Group (12 percent), and another investors (27 percent) have the same shareholding as they had before.
Bugatti Rimac LLC will operate both brands separately and retain their existing production facilities located in Molsheim, France (for Bugatti) and on the outskirts of Zagreb, Croatia (for Rimac).
After the €200 million (Rs. 1764 crores) Rimac Campus becomes operational in 2023, both companies will share the 24.7-acre campus. It will also be home to all research and development for future Bugatti and Rimac hypercars.
Rimac Technology, which the Rimac Group will fully own, will be the Croatian firm’s other business venture, focusing on developing and supplying battery systems, drivetrains, and other EV components to automakers.