The Croatian electric super sports car startup Rimac Automobili is taking over Bugatti. Rimac will own a controlling 55% stake in the new Bugatti-Rimac company, while VW’s Porsche will own the remaining 45%, the Financial Times reported.
“Rimac and Bugatti are perfectly aligned in terms of what we all bring,” Rimac founder and CEO Mate Rimac said in a statement. “As a young, agile and fast-moving automotive and technology company, we have established ourselves as an industry pioneer for electrical technologies. With the Nevera we have also proven that we can develop and manufacture outstanding hypercars that are not only fast, but also exciting and of high quality. With over a century of engineering excellence, Bugatti also has one of the most extraordinary legacies of any automotive company in history. “
The company recently unveiled the Nevera, a hypercar powered by a 120 kWh battery and four motors for an incredible 1.4 MW output, which equates to around 1,914 horsepower. It accelerates from 0 to 60 mph in 1.85 seconds and has a top speed of 258 mph. The Nevera is expected to be the fastest sports car, a place previously occupied by the Bugatti Chiron.
Rimac’s meteoric rise from bootstrapping in a garage in 2009 to building supercars with one of the most coveted and well-known auto brands shows how electric vehicles are beginning to take over the luxury and sports car market. It’s not just about doing what’s right for the environment – it’s about pioneering speed in the automotive future.
Along with this announcement, Rimac announced that it would share the development, production and supply of battery systems, powertrains and other EV components into a new unit owned by the Rimac Group called Rimac Technology, which will work independently with other global automakers.
The establishment of Bugatti-Rimac has no impact on the shareholder structure within the Rimac Group. Mate Rimac will continue to hold his 37% stake in Rimac Group, while Hyundai Motor Group will hold the same 12% and other investors hold 27%, according to a statement from the company. Porsche recently increased its stake in Rimac from 15% to 24%, but its total ownership does not give it a controlling stake in the new EV company, the companies told FT.
Mate Rimac will lead Bugatti-Rimac based in Zagreb, Croatia. Bugatti’s production will remain in Molsheim, France.