Porsche exits Bugatti Rimac and Rimac Group
Porsche is selling its stakes in Bugatti Rimac and Rimac Group to a consortium led by HOF Capital, a New York-based venture capital firm backed by the Egyptian billionaire family Sawiris. The decision marks the end of a long-standing collaboration between Porsche and Rimac, which was established in 2018.
Porsche is exiting its joint venture with Rimac Group, selling its stakes in Bugatti Rimac and Rimac Group to HOF Capital, a venture capital firm backed by the Egyptian billionaire family Sawiris. The decision ends a partnership that began in 2018 when Porsche acquired a 10% stake in Rimac. In 2021, Porsche contributed its Bugatti brand to a joint venture with Rimac. Rimac Group has diversified into four divisions: Bugatti Rimac, Rimac Technology, Verne, and Rimac Energy. Rimac Technology supplies components to companies like BMW, while Verne develops robotaxis. The sale demonstrates Porsche's focus on its core business, according to CEO Michael Leiters. Mate Rimac, the founder of Rimac Group, has been instrumental in developing the company's technology, including the Rimac Nevera hypercar.
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