It is the end of an era for Bugatti and the Volkswagen Group. Porsche has sold off its remaining stake in the French hypercar manufacturer, handing full control to the Rimac Group and a consortium. It means that the Volkswagen Group no longer has any involvement with the iconic brand.
This is quite a poignant moment for VW. The German automotive giant rescued Bugatti from the dead in the 2000s and shot it back to fame with the incredible Veyron supercar. With up to 1,000hp and a top speed of 253mph, it was the fastest production car in the world.
In 2021, Mate Rimac and the company that bears his name entered into a joint venture with VW. Rimac would own 55 percent of the company, while Porsche would hold onto the final 45 percent stake, keeping some of the company within the wider VW Group family.
However, even that has now come to an end. Mate Rimac and his company have full control over Bugatti, and he is now not just the boss, but also the president of the hypercar manufacturer. Bugatti is now entering a new era, away from the VW Group, for the first time since the 1990s.
How Rimac Assumed Full Control of Bugatti
Porsche has held onto a 45 percent stake in Bugatti ever since 2021. Rimac had the controlling 55 percent stake in its hands, but it had always intended to eventually assume full control of the company. The two parties shared plenty of technology with each other, mostly in the EV world with the likes of the Porsche Taycan and Rimac Nevera hypercar.
This new deal, however, brings the last 45 percent under Rimac’s control. A consortium led by HOF Capital, with BlueFive Capital as the largest investor, and other institutional investors from the US and Europe, has aided Rimac in the purchase. They now control Porsche’s stake in the joint venture and Porsche’s stake in the Rimac Group.
“I am really happy that the deal with Porsche and HOF Capital has been completed. Porsche has been a very valuable partner for all these years, enabling us to build strong foundations for the future of the brand,” said Mate Rimac. I am really looking forward to our collaboration with HOF Capital, which will be a great asset in executing our long-term vision for the exciting future of Bugatti.” With this new ownership has also come changes to the structure of the company.
Mate Rimac Is Now the President of Bugatti
Bugatti president Christophe Piochon, who has been with the automaker for over two decades, is now stepping down as President of Bugatti Automobiles and Chief Operating Officer of Bugatti Rimac. Mate Rimac himself is now taking over as president, with Marko Brkljačić, former Chief Operating Officer at Rimac Technology, now joining the Bugatti Rimac team as the Chief Operating Officer. So the changes run deeper than merely whose name hangs above the office door.
The journey that the company has been on is remarkable. After the EB110 supercar of the 1990s, the brand vanished again, with many feeling it had gone for good. But VW brought it back, with the Veyron exploding onto the scene in 2005. Rimac became involved in 2021, and the company seems to be going from strength to strength. The incredible Tourbillon is Bugatti’s main focus right now, and they are also creating a new factory at Molsheim to build it. The future is very bright for Bugatti and Mate Rimac.