Porsche Exits Bugatti Rimac
Porsche Completes €1 Billion Bugatti Rimac Exit to Refocus on Core Operations
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Key Points
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Porsche sold a 45% stake in Bugatti Rimac and a 20.6% stake in Rimac Group; the Bugatti Rimac joint venture was established in 2021.
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The buyer consortium includes institutional investors from the United States and Europe in addition to HOF Capital and BlueFive Capital.
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Porsche’s automotive net cash-flow margin was 4.7% in 2025, down sharply from 10.2% the previous year, underscoring the longer-term deterioration behind the revised 2026 forecast.
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Bugatti Rimac announced a leadership restructuring alongside the transaction: Christophe Piochon stepped down as Bugatti president and as the joint venture’s chief operating officer, while Mate Rimac became president and Marko Brkljačić was appointed chief operating officer.
Porsche has completed its exit from Bugatti Rimac, selling its stakes to a consortium led by HOF Capital for approximately €1 billion ($1.2 billion), according to Electrive. The deal, announced in April, marks the end of Porsche's involvement in the joint venture and signals a strategic shift toward its core automotive business amid weaker Chinese demand and slower-than-expected electric vehicle adoption.
The sale includes Porsche's 45% stake in Bugatti Rimac and its 20.6% stake in Rimac Group, with €250 million of proceeds earmarked for pension obligations, according to Yahoo Finance. Porsche raised its 2026 automotive net cash-flow margin forecast to 5.5%–7.5%, up from 3%–5%, though the company noted the improvement reflects the one-time sale proceeds rather than stronger underlying operations.
Porsche's Sharp Profitability Decline Drives Rimac Breakup
Porsche's automotive profitability collapsed in 2025, with net cash-flow margin dropping to 4.7% from 10.2% the prior year, according to Motortradenews. The company's pivot to divest Bugatti Rimac reflects mounting pressure to refocus capital on its core business and shore up near-term cash flow.
The Bugatti Rimac joint venture launched in 2021 as Porsche's bid to build luxury electric hypercars. Rising EV transition costs and weak market demand for premium electric vehicles forced a reassessment, prompting the decision to exit entirely.
HOF Capital Consortium Takes Control of Bugatti Future
A consortium including HOF Capital and BlueFive Capital, the largest investor, acquired the full 45% Bugatti Rimac stake, Market Screener reported. The buyer group also includes institutional investors from the United States and Europe, suggesting confidence in the luxury EV market despite Porsche's exit.
Under the new ownership structure, the consortium holds 23.5% of parent company Rimac Group, while Rimac Group retains control of Bugatti Rimac. This arrangement allows the Croatian electric vehicle company to maintain strategic direction while bringing in fresh capital and institutional backing.
Leadership Overhaul Signals Fresh Start for Bugatti
Christophe Piochon stepped down as Bugatti president and the joint venture's chief operating officer alongside the transaction closing. Mate Rimac became the new president, positioning the company founder to guide Bugatti's standalone strategy.
Marko Brkljačić was appointed chief operating officer, completing a leadership restructuring meant to establish Bugatti Rimac's independence. The management changes underscore the shift from Porsche's oversight to direct control by Rimac Group and its new investors.
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