Rimac to Go Public, Take Over Bugatti With Porsche
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The rise of Croatian electric-car maker Rimac is remarkable. It was founded by Mate Rimac in 2009, and just 12 years later, it's building an absurdly quick EV hypercar and it's received big investments from Porsche and Hyundai. Now, it's looking to go public in quite a big way.
Citing German publication Manager Magazin, Reuters reports that Rimac is aiming to go public next year with a valuation of €5 billion ($6 billion). The company will also soon take over Bugatti, taking a 55-percent stake in the French icon with the remaining 45-percent going to Porsche. We've reached out to Rimac to find out more, and we'll update if and when we receive a reply.
If all of this seems surprising for a company that has thus far built just a handful of electric hypercars, know that Rimac isn't really trying to be an automaker as such. It uses its own cars to promote its advanced EV tech, which it hopes to sell to major OEMs. It's a strategy that's working, if Porsche's 24-percent stake in the company and Hyundai's 14-percent stake are of any indication.
Bugatti's future at the Volkswagen Group has been uncertain for some time. It was first reported last fall that Rimac would take over Bugatti, and presumably, VW wants to get rid of the prestigious-yet-small brand to help fund its massive push into electrification. Plus under Porsche and Rimac control, VW will still have a hand in Bugatti.
The timeline for a Bugatti takeover is unclear at the time of writing, with Reuters reporting simply that it will happen "soon."
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