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New Delhi: Just four years ago, Rimac Group and Porsche joined forces to make Bugatti Rimac. Now, Rimac CEO, Mate Rimac, is done with the bureaucracy, and Rimac is closing in on taking control of the joint venture, and it is in the negotiation stage to buy out Porsche’s stake in the company.
Mate recently spoke to Bloomberg and noted that he has investors who are needed to take complete control of the joint venture and can buy Porsche’s 45 per cent stake in the tie-up. Mate allegedly had offered Porsche €1 billion for their share back in April in fact.
Mate has said that he wants more control of the brand and have more freedom, with the negotiations being quite public. He noted that he wants to take “long-term decisions” and make “long-term investments” and wants to do things without a long explanation.
If Porsche’s stakes are bought, it would mean that Rimac Group gets full control of Bugatti Rimac, but Porsche's influence would remain. The German carmaker has 22 per cent in the Rimac Group as well, which they share with mate, who holds 35 per cent along with Hyundai Motor Group at 11 per cent and other investors comprising of 32 per cent..
He said that the deal might go through by next year, but there were “many factors” during negotiations. He noted that it helps less that the Porsche-Piech family has a stake in Porsche.
Porsche themselves have their plates full with hurdles, and CEO Oliver Blume has warned employees last summer that the company’s current business model, which has served them perfectly for decades, isn’t working in its present form.
The carmaker has a lot of competition coming from China, which is further added to by the decline in consumer interest in their EV portfolio. All of this has only been ignited more by tariffs and regulatory uncertainty.
One thing is given that if the deal goes through, then they will have big changes at Bugatti Rimac and their products. Mate had founded the brand Rimac in 2009 and launched Concept One, of which they made eight and following Richard Hammond’s crash, there are only seven left. In 2022, it began building the Nevera supercar.
