It was just a few months ago that Bugatti and Rimac revealed intentions for a joint venture, and the new firm, Bugatti Rimac, was recently officially launched. The new business combines two automotive powerhouses, Bugatti and Rimac, to form a whole new automotive behemoth.

Unlike Bugatti, Rimac is a newcomer to the automobile business, having begun as a garage start-up 10 years ago by Mate Rimac. It has now evolved to be its own force, and it will take a giant step further when it formally works under the Bugatti Rimac banner beginning November 1, 2021.

The Rimac Group, which owns 55% of Bugatti Rimac, is the company's largest stakeholder. Mate Rimac will retain his 35 percent stake in the Rimac Group, while Porsche will own 22 percent. Hyundai Group has also maintained its 11 percent stake, with the remaining investors holding 32 percent.

Rimac Group will retain 100% ownership of Rimac Technology, which controls the research, manufacturing, and supply of battery systems, drivetrains, and other EV components on which Rimac has established its name.

Bugatti Rimac will be in charge of two automotive and technical pioneers. Bugatti's 110-year legacy of design, invention, and engineering, together with Rimac's technological knowledge and insatiable appetite for advancements in the EV sector, are now joining forces to dominate the hypercar business.

Porsche will be a significant partner in the new firm as well. Aside from the two managers, Porsche AG Chairman Oliver Blume and Porsche AG deputy chairman and CFO Lutz Meschke will be appointed to the Supervisory Board.

"I am certain that we have discovered the ideal combination of managerial expertise and know-how, inventive strength, and team spirit." That's why I'm so upbeat. And, because the project is extremely dear to my heart, I will continue to follow it attentively and passionately in the future," said Lutz Meschke, Deputy Chairman of the Executive Board and member of the board for Finance and IT at Porsche AG.

"I am pleased to be heading this new fusion of automotive brains and starting what will no doubt be a successful, groundbreaking, and exciting new chapter for everyone involved," said Bugatti Rimac CEO Mate Rimac. I'm also excited to see what kind of influence Bugatti Rimac will have on the industry, and I'm looking forward to developing exciting new hypercars and technology."