Porsche Exits Bugatti Rimac JV, Selling Stakes to HOF-Led Consortium

On 24 April 2026 Porsche AG agreed to sell its 45 % stake in Bugatti Rimac joint venture and its 20.6 % share in Rimac Group to a consortium led by HOF Capital, with BlueFive Capital. The JV, formed in 2021 when Volkswagen transferred Bugatti to Croatia’s Rimac Group, gave Porsche a minority position while Rimac held the majority. Figures include Porsche CEO Michael Leiters, Bugatti Rimac CEO Mate Rimac, HOF co-founder Onsi Sawiris, HOF partner Hisham Elhaddad and BlueFive founder Hazem Ben-Gacem.

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Porsche’s operating profit fell 93 % in 2025, margins dropping to 1.1 % from 14.1 % in 2024 and sales down 15 %. Shares fell 1.6 % after the announcement. Bugatti Rimac is valued at over $1 billion. The divestiture lets Porsche focus on models such as the Macan and 911, while Rimac gains full control of Bugatti and its upcoming Tourbillon hypercar. The move also responds to U.S. tariffs and weaker Chinese demand.

Road & Track

Porsche stated that the joint venture had established a basis for Bugatti’s future and that the divestiture aligns the company with its core business. Mate Rimac highlighted the solid groundwork that will enable faster execution of Bugatti’s long-term vision. HOF’s Hisham Elhaddad praised Bugatti’s heritage; BlueFive’s Hazem Ben-Gacem lauded the brand as an iconic example of automotive passion. Sources reported friction, noting Porsche’s reluctance to back Rimac’s non-EV hypercar plan. Financial terms are undisclosed; a source values Bugatti Rimac above $1 billion but the exact proceeds for Porsche are unknown.

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• “In setting up the joint venture Bugatti Rimac together with Rimac Group, we successfully laid the foundation for Bugatti’s future. As an early-stage investor of Rimac Group, Porsche made a significant contribution to developing Rimac Technology into an established Tier-1 automotive technology company. Now, with the sale of our stake, we demonstrate that we will focus Porsche on the core business. We would like to thank Mate Rimac and his team for the constructive and trusting cooperation over the past years.” — Michael Leiters, CEO, Porsche AG

VW Group Parts Ways With Bugatti: Porsche To Sell Stake In Bugatti-Rimac

• “Porsche has been a crucial partner, and we are deeply grateful for their role in establishing Bugatti Rimac. With the strong foundations their support has provided, we now have a structure that allows us to execute even faster on our long-term vision. We look forward to our collaboration with our new partners,” — Mate Rimac, CEO, Bugatti Rimac

VW Group Parts Ways With Bugatti: Porsche To Sell Stake In Bugatti-Rimac

• “For over a century, Bugatti has stood apart as a brand where heritage and innovation coexist at the highest level. We are proud to partner with Mate Rimac and his team to help shape the next chapter, balancing disciplined growth with a tradition of craftsmanship and originality that remains unmatched.” — Hisham Elhaddad, Co-Founder, HOF Capital

Porsche sells its stakes in Bugatti Rimac and Rimac Group to international consortium

• “Bugatti is a monument to automotive obsession, born from Ettore Bugatti’s pursuit of beauty and performance combined. BlueFive Capital approaches this opportunity as more than simply a financial transaction, and we look forward to working alongside the entire Bugatti Rimac team to honor that legacy for generations to come.” — Hazem Ben-Gacem, Founder & CEO, BlueFive Capital

Porsche sells its stakes in Bugatti Rimac and Rimac Group to international consortium

The consortium must clear antitrust and other regulatory approvals, with closing expected before the end of 2026. After completion, Rimac Group will take full operational control of Bugatti Rimac and formalize a strategic partnership with HOF and BlueFive Capital to fund growth and support the Tourbillon launch.

Porsche sells its stakes in Bugatti Rimac and Rimac Group to international consortium