Electric vehicle start-up takes control of Bugatti
Croatian car manufacturer Rimac has taken control of luxury automotive brand Bugatti. It is to set up a new company called Bugatti Rimac “to create a new automotive and technological powerhouse”.
Rimac began as an electric vehicle start-up in the garage of founder, Mate Rimac, in 2009. It manufactures and markets high-performance vehicles under its own brand, most recently launching the Nevera model in 2018. However, Rimac also develops and produces battery packs, drivetrain systems, and vehicles for other companies.
Mate Rimac still owns 37% of the Rimac Group and is its chief executive. Major names in automotive, Porsche and Hyundai, now own 24% and 12% respectively, with other investors owning 27%.
The Rimac Group owns 55% of Bugatti Rimac, with Porsche owning the other 45%. Bugatti Rimac will make cars under the Bugatti and Rimac brand names, with production of Bugatti vehicles continuing in Molsheim in eastern France, where the original Bugatti company was established, and production of Rimac cars remaining in Croatia.
The development, production and supply of battery systems, drivetrains and other electric vehicle components will now be separated off to a new entity, Rimac Technology, which will be 100% owned by the Rimac Group. Rimac Technology will be an independent company, making it easier for it to work with other car manufacturers around the world.
Commenting on the development, said: “As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric 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 high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history.”
