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7/5, 6:39 PM (Source: TeleTrader)
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Porsche, Bugatti agree on new joint hypercar venture

Volkswagen AG's subsidiaries Porsche AG and Bugatti Automobiles SAS announced on Monday they will be creating a new hypercar manufacturer Bugatti-Rimac in the fourth quarter of the year.

The venture will involve the luxury carmaker Bugatti and Rimac Automobili, a Croatian electric vehicle (EV) producer of which Porsche owns 24%. Rimac will hold 55% of the business, while Porsche will possess 45%. Volkswagen will transfer Bugatti's shares first to Porsche and then to Rimac. The first two models Bugatti and Rimac announced separately, Chiron and Rimac Nevera will have over 1,500 and 1,900 horsepower, respectively.

Rimac Chief Executive Officer (CEO) Mate Rimac will serve as Bugatti-Rimac's head, while Porsche CEO Oliver Blume and Chief Financial Officer (CFO) Lutz Meschke will both join its board.

Breaking the News / JR