In one corner, you've got Bugatti, which makes some of the fastest petrol-powered cars that the world has ever seen, and in the other corner you've got Rimac, which does the same thing in the electric realm.
After recently joining forces, these two brands have formed a joint venture known as Bugatti-Rimac. It is set to be run out of Zagreb, Croatia and will be established in the fourth quarter of 2020.
According to the release, Rimac will take the reigns with a 55 per cent share of the company, and Porsche will take the remaining 45 per cent. It's also worth noting that Porsche owns 24 per cent of Rimac.
Nothing is set to change right off the bat, as Bugatti intends to keep producing the Chiron, and Rimac is planning on launching the Nevara, but it has been confirmed that jointly developed models are in the pipeline.
As the CEO of the venture, Mate Rimac will be steering the ship, with Porsche set to play a key role as a "strategic partner". Porsche CEO Oliver Blume will join the Bugatti-Rimac board.
When speaking on the partnership, Mate Rimac said “Bugatti and Rimac are a perfect match for each other and both contribute important assets: we have established ourselves as an industry pioneer for electric technology, while Bugatti has more than a century of experience in the development of top-class cars and therefore brings with it an outstanding tradition that is practically unique in the history of the automotive industry. Together we will pool our knowledge, our technology and our assets with the goal of creating very special projects in the future.”
Interestingly, Porsche isn't the only major brand that holds a stake in Rimac, as it has been reported that Hyundai Motor Group also owns 12 per cent of the electric startup.