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Electric cars: Porsche and Rimac buy Bugatti from Volkswagen

Electric cars: Porsche and Rimac buy Bugatti from Volkswagen

Volkswagen is parting with Bugatti and handing over the luxury brand to Porsche and the Croatian manufacturer Rimac. The partners want to make Bugatti all-electric.

“Bugatti is no longer suitable for Volkswagen”

Bugatti enters into a joint venture Porsche And the Rimac have established. This marks the end of the Bugatti era for Volkswagen after more than two decades. As Porsche president Oliver Blume told Handelsblatt, the Bugatti brand is no longer really suitable for a factory of this size. Volkswagen. Bloom said the traditional brand he wanted to keep: It embodies fascination and passion, stands for high-tech automotive technology and has a global fan base. In addition, the brand is positioned profitably. That is why the chosen method was the creation of a joint venture with Croatian electric pioneer Rimac, who developed his electric super sports car “Concept One” from scratch.

Rimac He was interested in Bugatti for a long time

“We combine Bugatti’s strong supercar expertise with Rimac’s great innovative power in the promising field of electric mobility,” said Bloom, president of Porsche AG. It seems that Rimac has been interested in Bugatti sports cars for a long time, each of which costs several million euros. Rimac will own 55 percent of the new joint venture and Porsche 45 percent. In turn, Porsche has held a 24 percent stake in Rimac since 2014.

The first electric Bugatti later this decade

The first models of the joint venture are the Bugatti Chiron with a combustion engine, which is already being built, and an electric sports car. This will be developed from scratch and introduced before the end of the contract. Rimac founder and CEO as well as future Bugatti president Mate Rimac, also called the “Croatian Elon MuskKnown, it underscores how successful Bugatti and Rimac have been together. “We have established ourselves as a leader in electric technologies, Bugatti has more than a century of experience developing first-class cars,” says Rimac. Together they want to create very special projects for the future.

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Antitrust authorities still have to agree

Bugatti-Rimac is scheduled to start with 430 employees in the fourth quarter of 2021. First, however, antitrust authorities in many countries still have to give their approval. Bugatti’s headquarters will remain in Molsheim, near Strasbourg. The partners are silent about the financial details of the deal.

Sources / Read more

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Image source: © Porsche AG