Porsche is selling its stakes in Bugatti Rimac and Rimac Group, which is corporate-speak for leaving the very expensive circus before the elephants need feeding again.
Porsche and Rimac Group put Bugatti Rimac together in 2021, with Stuttgart holding 45% of Bugatti Rimac while Rimac Group held 55%. Porsche also had 20.6% of Rimac Group, just to keep the family tree a trifle messy , as families often are.
Enter new buyer, a consortium led by HOF Capital, with BlueFive Capital named as its largest investor and institutional money from the US and EU standing politely behind the velvet rope. The contracts were signed on 24 April, although the deal still needs the usual regulatory waving of hands before anyone can rearrange the offices.
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ABOVE: Bugatti’s house, Rimac’s electric toy box
New Money Arrives At Molsheim
Porsche is out and Rimac Group takes control of Bugatti Rimac. HOF Capital and BlueFive Capital become the new strategic partners, with HOF also set to become the largest shareholder in Rimac Group alongside Mate Rimac.
That puts Mate Rimac closer to the centre of the empire he helped build, and removes Porsche from a structure that always looked glamorous but awkward. Bugatti is a jewel box of carbon fibre, leather, lineage, and price tags like phone numbers. Rimac is the electric tech wunderkind with batteries, software, and future-facing sheen car mood boards.
Porsche, meanwhile, says it will focus on the core business. Quite. That is the corporate version of leaving a party early because the drinks bill has arrived and someone has started discussing long-term commitments near the piano. The VW group is in a general state of bother and we can expect to see more divesting as the industry enters a period of painful reformation.
What Porsche Is Selling
This is not a tiny tidy-up, it is a clean out, with Porsche is selling its full equity in both Bugatti Rimac and Rimac Group. The 45% slice of Bugatti Rimac goes, and so does the 20.6% chunk of Rimac Group.
Dr Michael Leiters, Porsche AG CEO, said the joint venture laid the foundation for Bugatti’s future, and that Porsche helped Rimac Technology become an established Tier 1 automotive technology company. Then came the line about focusing Porsche on its core business, which is where the expensive romance gets packed into a tasteful Stuttgart suitcase of fiscal reality. “Porsche is facing significant challenges in 2025–2026, with operating profits plunging by nearly 99% in Q3 2025 and 9M sales falling 6%. The company is grappling with a 42% drop in China deliveries, high U.S. tariffs, and a costly, misjudged shift to electric vehicles (EVs). Management admits the current strategy “no longer works” as they pivot back toward hybrid and combustion engines.” In other words there is panic in isle 1.
The timing is not hard to read. Porsche is under pressure to keep its own house profitable, its EV plans orderly-ish, and its product strategy is getting a haircut. Hypercar theatre is fabulous, but it is still theatre. Someone has to pay for the velvet curtains and martinis.
What Mate Rimac Gets
Mate Rimac gets more control, more attention, and a bigger stage with fewer ye olde worlde chaperones. He thanked Porsche for helping establish Bugatti Rimac and said the new structure allows the company to move faster on its long-term vision, then held the door open so it didn’t hit them on the way out.
That vision is for Bugatti to stay absurd, exquisite, and completely balmy, while Rimac has to prove that electric performance and software can turn the world’s most theatrical badge into something more than a petrol-age shrine with a charging cable.
HOF Capital’s Hisham Elhaddad talked about heritage and innovation, while BlueFive Capital’s Hazem Ben-Gacem called Bugatti a monument to automotive obsession. Lovely words that are ever so polished. You can almost hear the carbon fibre table nodding.
Why We are a Touch Cynical
Financial terms are confidential, which usually means everybody would prefer not to have punters doing pub maths over the purchase price. Completion is expected before the end of 2026, assuming regulators give it the nod.
For the rare buyers, collectors, and other sundry one percenters who can consider a Bugatti without needing infusions, the question is whether this makes the brand braver or merely less under-funded. Bugatti cannot become normal. Normal would kill it stone dead. It needs madness, speed, craftsmanship, and the vulgarity to make the neighbours peek through the curtains.
Porsche walking away does not make Bugatti weaker by itself. It just changes the social order. The old German minder has left the room, Mate Rimac has the keys, and new money is standing by with a chequebook and a practised smile.
That could be brilliant. It could also become a very expensive case study in what happens when heritage meets finance and both pretend they are in charge.
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Alan Zurvas is the founder and editor of Gay Car Boys, Australia's leading LGBTQI+ automotive publication. Before launching GCB in 2008, Alan's automotive writing was published in SameSame.com.au and the Star Observer. With over 16 years of hands-on car reviewing experience, Alan brings an honest, irreverent voice to every review — championing value and innovation over brand loyalty.
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