Famed Car Manufacture Bugatti Taken Over By EV Croatian Startup

Supercar manufacturer Bugatti is set to be taken over by a startup electric car manufacturer from Croatia. The merger will allow the 112-year-old French company to pivot to hybrid and electric vehicle manufacturing.

Volkswagen’s brand Bugatti will merge with a Croatian electric vehicle manufacturer Rimac, forming a new Bugatti-Rimac brand.

Rimac Group will own 55% of the new company with Porsche owning the other 45%. Porsche is a part of the VW Group and a stakeholder in Rimac Automobili.

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Mate Rimac, the founder of Rimac Automobili will be the new CEO of the company. The company will maintain separate manufacturing locations in France and Croatia, as well as separate brand identities.

“What some people expect might happen is that we take a Nevera and slam a Bugatti logo on it and call it a Bugatti. That’s absolutely not going to happen. That’s not what we’re going to do. I’m a car guy, and while of course, we want to make a profitable company, we will not just recycle what we have,” Rimac told Autocar.

Rimac said that Bugatti will start shifting to EV manufacturing, but continue to sell cars with internal combustion engines for the foreseeable future.

Analysts say the two companies are a good fit due to their target luxury markets.  Rimac recently revealed an electric supercar named Nevera. The company intends to manufacture just 150 of them, with a starting price of $2.4 million. A Bugatti Chiron model goes for about $2.9 million.

Despite some of its models selling for more than $10 million, Bugatti has a long history of losing money. The company is reportedly losing about $6.24 million on every Bugatti Veyron it sells. A Veyron has a starting price of $1.5 million.

The merger could help Bugatti cut back on some of its staggeringly expensive R&D costs.

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