The marriage between Porsche and Rimac has lasted less than a decade. Porsche first took a stake in the Croatian high-performance electric specialist in 2018, and the Stuttgart brand has now closed a major chapter by completely stepping away from the cap table.
After the signing of the agreements on April 24, 2026, the deal is now closed. As of September 9, 2026, Porsche AG no longer holds any stake in Rimac Group or in the joint venture Bugatti Rimac. The German carmaker sold its 45% stake in Bugatti Rimac and its 20.6% stake in Rimac Group to a consortium led by HOF Capital, for about €1 billion, with part of the proceeds earmarked to bolster retirement obligations. What remains to be understood is what this capital exit concretely means for Porsche, for Bugatti, and for the European hypercar universe.
Porsche sells its stakes in Rimac Group and Bugatti Rimac
Before this operation, the structure was clear. Since 2021, Bugatti Rimac brought together Bugatti and Rimac’s hypercar activities in a joint venture owned 55% by Rimac Group and 45% by Porsche. At the same time, Porsche held about 20.6% of Rimac Group as a direct shareholder. With the deal signed in late April 2026 and then approved by competition authorities, these two blocks were sold to a single financial buyer: an international consortium led by HOF Capital, within which BlueFive Capital stands out as the largest investor, alongside other North American and European institutions. HOF Capital thus becomes the leading shareholder of Rimac Group, alongside Mate Rimac, the founder.
The numbers reveal the scale of the operation for Porsche. The proceeds total about €1 billion, of which €250 million are earmarked to strengthen the company’s retirement commitments. This cash infusion also allows Porsche to raise its target for the Automotive division’s net cash-flow margin, now set between 5.5% and 7.5%, up from 3% to 5% previously. The group emphasizes a refocusing on its “core business” — the 911, Cayenne, Macan, Taycan, and 718 lines — and on its own electric projects, while simplifying its portfolio of stakes. A major financial move with a significant industrial and production dimension.
Bugatti, Rimac and Porsche: a new balance for hypercars
On the Croatian and French sides, Porsche’s exit redraws the balance of power around Bugatti Rimac. Mate Rimac retains a central role both as head of the Rimac Group and as chief executive of Bugatti Rimac, while also taking the presidency of Bugatti Automobiles. The announced reorganization also foresees the arrival of Marko Brkljačić, former chief operating officer of Rimac Technology, as COO of Bugatti Rimac, and the promotion of Hendrik Malinowski, previously CEO of Bugatti Automobiles, to chief commercial officer (CCO). This leadership takes the helm as Bugatti readies the cadence of the Bugatti Tourbillon and the opening of “La Manufacture” in Molsheim, a symbol of a new era for the brand.
For Porsche’s customers and enthusiasts, the impact is mostly behind the scenes. No current model — the 911, Taycan, or SUVs — relies directly on Rimac technology, and Porsche retains the possibility of collaborating with Rimac Technology in the future as a supplier, without equity ties. By contrast, the prospect of a Porsche hypercar closely tied to Bugatti Rimac is fading, while Bugatti and Rimac, now backed by HOF Capital and BlueFive Capital, have more room to push even bolder, ultra-exclusive, and highly electrified hypercar programs.
In the coming months, Porsche’s 2026 results and early feedback on the Tourbillon will reveal how this new reshuffle shifts the balance of power at the pinnacle of European performance.
