Hyperdrive
VW Hands Control of Bugatti to Croatian EV Maker and Porsche
- Rimac to hold 55% ownership stake in new joint venture
- VW group focuses funds on namesake, Audi and Porsche brands
Volkswagen AG will fold its ultra-luxury Bugatti brand into a joint venture with Croatian electric supercar maker Rimac Automobili, extending a lifeline to the boutique French manufacturer known for hulking 16-cylinder engines.
Rimac will hold a 55% stake in the joint venture with VW’s Porsche sports-car unit owning the remaining 45%, the companies said in a statement Monday. Porsche earlier this year lifted its stake in Rimac to 24%.