Supercar maker Bugatti taken over by Croatian company Rimac

ZAGREB, Croatia (AP) — Croatia’s electric supercar maker is taking over the iconic French manufacturer Bugatti in a deal that is reported to be worth millions of euros. The Croatian car producer, Rimac Automobili, says that Germany’s Volkswagen Group, including the Porsche division — which owns a majority stake in Bugatti — is to create a new joint venture. The new company will be called Bugatti-Rimac. Rimac has announced it is combining forces with Bugatti to “create a new automotive and technological powerhouse.” Porsche will own 45% of Bugatti-RImac while Rimac Automobili will hold the remaining 55% stake. Bugattis will continue to be assembled in eastern France, where the company was established in 1909.