November 2 (SeeNews) - Croatian electric supercar manufacturer Rimac Automobili said on Tuesday that Bugatti Rimac, its 55:45 joint venture company with German carmaker Volkswagen's unit Porsche, has officially started operations.
“Rimac’s short but rich 10-year history from garage start-up, started by one man – Mate Rimac – now takes its next big leap forward to begin officially operating under Bugatti Rimac as of November 1, 2021,” Rimac Automobil said in a statement.
You can subscribe to our M&A newsletter here
“Porsche will play a strong role in the joint company as a strategic partner,” the Croatian car maker added.
Mate Rimac will retain his shareholding of 35% in Rimac Group, followed by Porsche with 22%, Hyundai Motor Group with 11% and other investors with 32%.
The development, production and supply of battery systems, drivetrains and other EV components that Rimac is known for and used by many automotive manufacturers will be separated into a new division – Rimac Technology, which will be 100% owned by the Rimac Group.
As CEO of Rimac Group, Mate Rimac will also lead as CEO both Bugatti Rimac and Rimac Technology.
“I am honoured to be leading this new fusion of automotive minds and begin what will no doubt be a successful, revolutionary and exciting new chapter for everyone involved. I am also extremely curious to oversee the profound impact Bugatti Rimac will have on the industry, and I look forward to developing innovative new hypercars and technologies,” Mate Rimac said in the statement.
Christophe Piochon, who formerly held the position of director general at Bugatti Automobiles, has been appointed as chief operating officer of Bugatti Rimac. Larissa Fleischer, who was previously head of controlling at Porsche in the areas of digitalization and the development of new business models, is the chief financial officer of the joint venture. Emilio Scervo is named chief technology officer, having previously held the same position at Rimac Automobili.
Bugatti Rimac has its global headquarters at Rimac’s existing base near Croatia's capital Zagreb, but later on it will move to a recently announced 200 million euro ($232 million) Rimac Campus spreading on 200,000 square metres. It is expected to open in 2023 and would be also also serving as the home of Rimac Technology.
Bugatti Rimac starts operating with 435 employees, with 300 of them based in Zagreb, and 135 in Molsheim, France. Further 180 people at Bugatti Engineering’s location in Wolfsburg will support the new company. Rimac Technology will consist of over 900 employees, bringing the overall number of the Rimac Group employees to more then 1,300 spread at different locations.
Rimac Automobili and Bugatti Automobiles will each continue to operate as separate brands and manufacturers, retaining their individual production facilities in Zagreb and Molsheim respectively as well as their distribution channels.
Rimac Automobili announced in July that it teaming with Volkswagen in the Bugatti Rimac joint venture, with Rimac taking over the French automotive brand Bugatti for an undisclosed sum.
($= 0.861 euro)