Porsche to increase its stake in EV maker Rimac, Bugatti's fate to be decided

Porsche is likely to increase its stake in Rimac to nearly 50% from current 15.5%.Volkswagen is about to sell its hypercar brand Bugatti to Rimac.
By : HT Auto Desk
| Updated on: 28 Feb 2021, 18:34 PM
A Rimac Automobili Concept One electric supercar, worth $1.2 million and one of only eight made, is displayed at the 2017 New York International Auto Show in New York City, U.S. (REUTERS)
A Rimac Automobili Concept One electric supercar, worth $1.2 million and one of only eight made, is displayed at the 2017 New York International Auto Show in New York City, U.S. (REUTERS)
A Rimac Automobili Concept One electric supercar, worth $1.2 million and one of only eight made, is displayed at the 2017 New York International Auto Show in New York City, U.S. (REUTERS)
A Rimac Automobili Concept One electric supercar, worth $1.2 million and one of only eight made, is displayed at the 2017 New York International Auto Show in New York City, U.S.

Volkswagen-owned German luxury carmaker Porsche is likely to increase its 15.5% stake in electric supercar manufacturer Rimac Automobili through participating in a fundraising round. In this round, the Rimac will raise $157 million-$181 million, its owner Mate Rimac told a publication. The fundraising is expected to be completed in 2-3 months and another round is planned for the end of 2021.

(Also Read: How to check safety of hypercar? Crash it: Rimac to 'destroy' cars worth $31 mn)

Porsche could raise its stake in Rimac to just below 50% in a deal that would also include the transfer of Volkswagen's supercar brand Bugatti to Rimac. This deal would allow Rimac to explore the best of both worlds, internal combustion engine, and electric powertrain.

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Porsche Chief Executive Oliver Blume said earlier in February that intense discussions on Bugatti's future were ongoing and that Rimac could play a role as the brands were a good technological fit, adding that a decision was expected in the first half of 2021.

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Rimac has developed an electric supercar platform, which it supplies to other carmakers, including Automobili Pininfarina.

"Supercars have a limited market, the market for components is much bigger. That is why we are planning to expand our company," Rimac told Automobilwoche.

That includes plans to more than double Rimac Automobili's workforce by early 2023 to 2,500 from 1,000 currently, Rimac said.

First Published Date: 28 Feb 2021, 18:34 PM IST
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