Porsche's Stake In Rimac Could Increase In Exchange For Bugatti
4 March 2021 - motor1
It'll grow to "nowhere near to 50 percent" though.
Volkswagen Group’s plans to find a new direction of evolution for Bugatti are gaining speed as reports suggest the French company could be involved in a deal with Rimac. In February, it was reported that a final decision should be taken by the middle of 2021, and now we have more preliminary details to share.
In a recent interview with Automobilwoche, a sister publication of Automotive News Europe, Mate Rimac, CEO and founder of the Croatian manufacturer, confirmed his company is in talks with Porsche for a strategic investment that should be completed in the next two to three months. Rimac is looking to raise between $157 million and $181 million.
Automotive News was quick to report Porsche’s stake in the electric car manufacturer could increase to “almost half” in a potential deal that could include the transfer of Bugatti to Rimac. However, Mate Rimac made a quick response to address the situation using his Facebook profile.
“While it is true that we are discussing further expansion of this collaboration that will lead to increase of Porsche's stake in Rimac Automobili, some media have falsely (mistakenly?) reported that Porsche would take over 50% or nearly 50% of the company. [...] Porsche's stake will increase but nowhere near to 50% and Rimac will remain independent with many industry customers that are not our shareholders/investors.”
Porsche is not Rimac’s only partner in a supercar business which Mate Rimac describes as having “a limited market.” Aston Martin, Koenigsegg, Renault, and Hyundai also have partnerships with the manufacturer and the latter even owns a 14 percent stake in Rimac.
Rimac is currently building a new research and development center near Zagreb in Croatia. It will also include a testing center and a production site, and should increase the company’s workforce from 1,000 to 2,500 employees.