Porsche, Bugatti, Rimac JV officially begins operations: All you need to know
Nearly four months after Porsche and Rimac Automobili signed a deal to launch a new joint venture where with the latter holding the majority stake in Bugatti, the new partners have now officially started operations under the new structure. The new automotive project is based in the city of Sveta Nedelja, near the capital of Croatia, Zagreb.
Later in 2023, the joint venture will move its headquarters to the new Rimac campus, which is currently being built at a cost of €200 million. Bugatti Rimac's new R&D facility, which will be spread across 200,000-square-metres site, will also be located here. It will hire around 2,500 people.
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While Mate Rimac, the founder and CEO of Rimac Automobili has taken the position of CEO of the Bugatti Rimac joint venture, Oliver Blume, chairman of Porsche, and Lutz Meschke, deputy chairman and CFO of Porsche will also join the supervisory board.
The Rimac Group holds 55 per cent stake in the Bugatti Rimac joint venture while Porsche AG holds 45 per cent stake, and will enter the partnership as a strategic partner. Under the new structure, both Bugatti and Rimac will continue to operate as independent brands and manufacturers. They will also retain their respective production sites in Zagreb, Croatia and Molsheim, France, as well as their distribution channels. All Bugatti models will continue to be produced at the factory in Molsheim, protecting jobs at this site for the long term.
The Bugatti Rimac joint venture has begun its operations with about 435 employees - 300 based in Zagreb and the rest in Molsheim. This positioning is expected to serve to retain and build on the strengths of the both Bugatti and Rimac brands.
Stephan Winkelmann, who had stepped down from his position as CEO of Bugatti on October 31, will now exclusively focus on his role as the president of Lamborghini.