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Porsche, Volkswagen, and Rimac entered a joint venture where Bugatti was combined with Rimac [0]. Rimac (or is it Rimac-Bugatti now?) isn't going anywhere anyti

by jdhn 4y ago

Porsche, Volkswagen, and Rimac entered a joint venture where Bugatti was combined with Rimac [0]. Rimac (or is it Rimac-Bugatti now?) isn't going anywhere anytime soon. [0] https://www.volkswagenag.com/en/news/2021/07/Bugatti-Rimac.html https://www.volkswagenag.com/en/news/2021/07/Bugatti-Rimac.h...

TacticalCoder 4y ago
Porsche, once described as the "Hedge fund which happened to also make cars", took control of both Rimac and Bugatti during that deal: > Rimac will hold a 55 per cent share in the Bugatti Rimac joint venture, while Porsche will have a 45 per cent share. Porsche also holds a 24 per cent share in Rimac directly. Which means Porsche owns more than 50% of the Rimac-Bugatti joint venture, they did it on purpose. Porsche also recently spun off of VW (Porsche famously failed it's short squeeze on VW: they'd have acquired VW had the 2008 financial crisis not hit) and back then VW had to come to Porsche's rescue.
- gpderetta 4y ago
  IIRC Porsche-the-hedge-fund owned half of VW which owned Porsche-the-car-maker wholly. Porsche-the-car-maker was spun off, but I'm not sure who owns what now.
  - Melting_Harps 4y ago
    > IIRC Porsche-the-hedge-fund owned half of VW which owned Porsche-the-car-maker wholly. Porsche-the-car-maker was spun off, but I'm not sure who owns what now. I worked for VAG during Diesel-gate, and it's only now after several years that I bothered to look into it's sordid History: it's like GoT, the innter family rivalry is the stuff that episodes of shows like GoT are made of. Between VW/Audi/POrsche are like decades long fights between cousins and wife-stealing etc... It's really all rather insane that on top of that VW was primarily a vapourware piece of propaganda created by Hitler for the emergence of the Nazi party: most people who bought them during the war never actually received one until years later after the war when the British took it over. Rimac is also mainly a proto-type company with a strong emphasis on being an OEM supplier of in house EV parts for those other divisions and has been focusing more and more on the supply chain side things since COVID; so congrats to the team in Zagreb for this momentous achievement!

by jdhn 4y ago

TacticalCoder 4y ago

Porsche, once described as the "Hedge fund which happened to also make cars", took control of both Rimac and Bugatti during that deal: > Rimac will hold a 55 per cent share in the Bugatti Rimac joint venture, while Porsche will have a 45 per cent share. Porsche also holds a 24 per cent share in Rimac directly. Which means Porsche owns more than 50% of the Rimac-Bugatti joint venture, they did it on purpose. Porsche also recently spun off of VW (Porsche famously failed it's short squeeze on VW: they'd have acquired VW had the 2008 financial crisis not hit) and back then VW had to come to Porsche's rescue.

gpderetta 4y ago
IIRC Porsche-the-hedge-fund owned half of VW which owned Porsche-the-car-maker wholly. Porsche-the-car-maker was spun off, but I'm not sure who owns what now.
- Melting_Harps 4y ago
  > IIRC Porsche-the-hedge-fund owned half of VW which owned Porsche-the-car-maker wholly. Porsche-the-car-maker was spun off, but I'm not sure who owns what now. I worked for VAG during Diesel-gate, and it's only now after several years that I bothered to look into it's sordid History: it's like GoT, the innter family rivalry is the stuff that episodes of shows like GoT are made of. Between VW/Audi/POrsche are like decades long fights between cousins and wife-stealing etc... It's really all rather insane that on top of that VW was primarily a vapourware piece of propaganda created by Hitler for the emergence of the Nazi party: most people who bought them during the war never actually received one until years later after the war when the British took it over. Rimac is also mainly a proto-type company with a strong emphasis on being an OEM supplier of in house EV parts for those other divisions and has been focusing more and more on the supply chain side things since COVID; so congrats to the team in Zagreb for this momentous achievement!