Rimac, an electric supercar company, takes control over Volkswagen Bugatti as in a joint venture with Porsche and will be known as Bugatti-Rimac. Under the deal, Rimac will own a controlling 55% stake in the venture, while Porsche will hold a 45% stake in the company.
Rimac Group will own Bugatti-Rimac and Rimac technologies, focusing on development, production, drivetrains, battery systems, and other EV Components.
The venture is expected to be up and running in the fourth quarter of this year. Both companies will retain their respective headquarters, but Rimac plans to eventually merge its workforce at the planned $200 million campuses in Croatia, which is set to open in 2023.