Porsche exits sports car maker Bugatti Rimac
AFP | Berlin
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German carmaker Porsche announced yesterday the sale of its stakes in sports car manufacturer Bugatti Rimac to a consortium led by a US fund founded by the Egyptian billionaire Sawiris family.
The amount of the transaction, which still has to be approved by regulators, has not been disclosed.
The announcement comes after the German luxury car brand warned it would face a difficult year under pressure from competitors and US tariffs imposed by President Donald Trump.
Under the terms of the agreement, Porsche will sell all of its 45 percent stake in Bugatti Rimac, a joint venture founded in 2021 with Croatian “supercar” manufacturer Rimac, which holds the remaining 55 percent.
“Following completion, Rimac Group is set to take control of Bugatti Rimac and form a strategic partnership with HOF Capital and BlueFive Capital to support its continued growth,” according to a statement from the German carmaker.
Porsche, which is part of the Volkswagen Group, will also sell its 20.6 percent stake in Rimac Group.
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