Update: Rimac has confirmed it is in discussions with Porsche to strengthen their partnership but denied speculation Porsche could take almost a 50% interest in the company. Rimac’s statement in full:
“We have a very strong partnership with Porsche that is key for Rimac Automobili. Porsche is a shareholder in Rimac since 2018 with 15.5% ownership currently, accumulated over several rounds of investment. While it is true that we are discussing further expansion of this collaboration that will lead to increase of Porsche’s stake in Rimac Automobili, some media have mistakenly reported that Porsche would take over 50% or nearly 50% of the company. We are very happy that the partnership with Porsche will strengthen even further, but it is in the interest of both Rimac and Porsche that Rimac is a fully independent company. We are working with many car companies that are not our shareholders and there is a clear separation between shareholding and projects. It is very important to us that our industry customers have the peace of mind that Rimac is independent and that there is a “Information Firewall” between projects and shareholders (not only Porsche, but also Hyundai and others) – and this will not change. Confidentiality is very valued in the industry and one of the basics for collaboration between companies. Our shareholders are happy with such an arrangement and expect the same level of professional behaviour and confidentiality for their projects and customer projects. So, the point is: Porsche’s stake will increase but nowhere near to 50% and Rimac will remain independent with many industry customers that are not our shareholders/investors.”
– Original story follows below
Porsche is reportedly going to participate in Rimac’s latest financing round as the electric automaker looks to raise €130 million – €150 million ($157 million – $181 million).
Speaking with German publication Automobilwoche, Mate Rimac confirmed the news and added that another financing round is planned for the end of the year, Reuters notes. While it is unclear how much Porsche plans to invest in Rimac, its participation in the financing round suggests that a complex deal involving itself, Bugatti, and Rimac may soon be finalized.
Read Also: VW Group To Decide On Bugatti-Rimac Tie-Up This Year
For months, there has been speculation that the VW Group would give the Bugatti brand to Rimac in exchange for Porsche taking a larger stake in the Croatian car manufacturer. The possibility of this deal coming to fruition increased last month following comments made by Porsche chief executive Oliver Blume in February.
Speaking with Reuters, Blume said that Bugatti and Rimac are a good technological fit and that a deal could be reached before the second half of the year.
“At the moment there are intense deliberations on how Bugatti can be developed in the best possible way,” he said. “Rimac could play a role here because the brands are a good technological fit. There are various scenarios with different structures. I believe that the issue will be decided by the group in the first half of the year.”
It is claimed that if a deal is reached, Porsche will increase its current 15.5 per cent stake in Rimac to as much as 49 per cent. Rimac would then be handed the Bugatti brand without any money changing hands.
