by Mate Rimac’s Ambitions
Ambition has always been Mate Rimac’s calling card, and it seems his next move could redefine the balance of power in the world of European hypercars. The founder of Rimac and current head of the Bugatti Rimac group, Mate Rimac, has stated that he wants to buy out Porsche’s stake in the joint venture.
If such a deal is concluded, it would give him full control over the company and the development directions of the Rimac and Bugatti brands, while potentially providing Porsche with a financial boost amid declining sales.
Who Holds the Keys?
Rimac and Bugatti merged in 2021 through a complex deal in which Porsche transferred control of Bugatti to Mate Rimac in exchange for a larger stake in Grupa Rimac. Currently, Grupa Rimac owns 55 percent of Bugatti Rimac, while Porsche owns the remaining 45 percent.
At the time of the original deal, Mate Rimac owned 37 percent of Grupa Rimac, while Porsche had 24 percent, Hyundai had 12 percent, and the remaining 27 percent were held by smaller investors.
Mate Rimac reportedly made a preliminary offer to buy out Porsche’s 45 percent stake earlier this year, valuing the joint venture at over 1 billion euros or 1.1 billion dollars. He confirmed that he aims to take over the leadership of the joint venture with the support of an unnamed group of international investors and private investment funds.
The Next Step
“It’s no secret that we are negotiating. I just want to be able to make long-term decisions, make long-term investments, and do things differently without explaining it to 50 people. When you negotiate with a corporation, there are so many factors. It’s families, it’s multiple families. It’s an emotional topic.”
Porsche had previously attempted to increase its stake in the joint venture, but these plans ultimately did not materialize.
Now that the German sports car manufacturer is facing a significant drop in sales this year, freezing projects like the K1 SUV, and scaling back some of its electric vehicle ambitions, it may consider this the right time to sell its stake in Bugatti Rimac.
This potential change of control could have significant implications for the future of both brands. Full independence would allow Rimac to implement bolder technological initiatives and long-term strategies without the need to coordinate decisions with numerous stakeholders. For Porsche, however, this could be an opportunity to focus resources on its own key projects during a challenging period of transformation in the automotive industry.
