The founder of Croatian automotive brand Rimac has confirmed he is in advanced negotiations with Porsche to buy the German manufacturer's shares in the Bugatti Rimac joint venture. Mate Rimac’s goal is to finalize a deal by 2026 to take back full control of the venture that grew out of the Rimac company.
A joint venture born in 2021
Created in 2021, the Bugatti Rimac joint venture combines Rimac's expertise in high-performance electrification with Bugatti's legendary heritage in the world of hypercars.
Porsche currently holds a 45-percent stake in the venture, while the Rimac Group controls 55 percent.
According to sources cited by Bloomberg, Rimac has already made a preliminary offer valuing the joint venture at just over €1 billion (approximately $1.1 billion USD).
Investors backing the project
Mate Rimac claims to have the support of private investment funds and a group of international investors ready to finance the buyout. The 37-year-old entrepreneur hopes to free the company from certain corporate burdens to accelerate the development of new, 100-percent electric hypercars.
From the garage to international fame
Mate Rimac founded his company in 2009 in his own garage after converting a BMW E30 into a fully electric race car. Within a decade, the Croatian startup had become a major player in high-end electric mobility, even supplying components to other major manufacturers.
"Negotiating with a large corporation is complex. There are families, emotions, power dynamics. It's a whole different world," explained Mate Rimac, displaying the composure of a CEO who is more ambitious than ever.