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Porsche announced that it will sell its 45% stake in the Bugatti-Rimac joint venture to an investment consortium led by U.S.-based HOF Capital, a move seen as a strategy by the new CEO to focus on and revitalize Porsche's core brand. The joint venture, established in 2021, holds a 20.6% stake in both Bugatti and Rimac, with an overall valuation exceeding $1 billion, though specific financial details remain undisclosed. Porsche previously formed the joint venture with Rimac to leverage complementary strengths, but Porsche subsequently became a burden on the Volkswagen Group, with declining profit margins, placing pressure on the new CEO to cut costs and free up capital. Upon completion of the transaction, the Rimac Group will take full control of Bugatti Rimac and establish strategic partnerships with other related groups.
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