Bugatti Rimac CEO Wants to Buy Out Porsche’s Stake
It’s been just four years since Rimac Group and Porsche joined forces to create Bugatti Rimac, but CEO Mate Rimac is already chafing under the bureaucracy. Rimac is eager to take control of the joint venture and is in talks to buy out Porsche’s stake.
In a recent interview with Bloomberg, as reported by Automotive News, Mate revealed that he has the necessary investors to take complete control of Bugatti Rimac. He claims to have offered Porsche around €1 billion ($1.2 billion) for its 45% stake in April.
Mate wants more control so he can make long-term decisions and investments without needing to justify them to multiple stakeholders. He told Bloomberg: “I just want to be able to make long-term decisions, to make long-term investments, and to do things in a different way, without having to explain to 50 people.”
If Mate succeeds in buying out Porsche’s stake, Rimac Group will have complete control of Bugatti Rimac. However, Porsche will still have a significant influence through its 22% stake in Rimac Group, which it shares with Mate (35%), Hyundai Motor Group (11%), and other investors (32%).
Mate expects the deal to be finalized by next year, but acknowledges that there are many factors at play. The Porsche-Piëch family’s ongoing stake in Porsche adds an emotional layer to the negotiations, according to Mate.
Porsche is currently facing its own challenges, including stiff competition in China and declining interest in its electric vehicles. CEO Oliver Blume has warned employees that the company’s traditional business model is no longer effective.
A change in ownership could lead to significant changes at Bugatti Rimac and its products. Mate founded Rimac in 2009 and has since introduced innovative models like the Concept_One and the electric Nevera supercar.
