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Bugatti and Rimac joint venture profitable 'beyond expectations'

WARWICK, England — The joint venture between Croatian electric carmaker Rimac and Bugatti has been far more profitable than anticipated as the two brands work on developing vehicles together under one roof, Rimac's top executive said on Wednesday. "It's highly profitable and cash flow positive beyond anybody's expectations," Rimac CEO Mate Rimac told Reuters in an interview at the UK offices of the carmaker's Rimac Technology unit in Warwick. "It's such a win-win situation for everybody." Rimac added the joint venture has brought "lots of synergies going both ways." The Rimac Group comprises the Bugatti-Rimac JV, producing the electric sportscar Nevera and the Bugatti Chiron — which is owned 45% by Porsche AG — and a technology unit which supplies battery systems and powertrain components to other carmakers. Earlier this year the group raised 500 million euros ($519 million) in a new funding round. Rimac's CEO said the company has developed a "really close strategic relationship" with Porsche, which was listed by its parent Volkswagen in October. Porsche holds a 20% stake in the Rimac group. "We are really collaborating on many levels, developing and producing lots of key elements of their (Porsche's) future hybridization and electrification," he said. Rimac's CEO said the group must become more like Ferrari with a predictable, stable and profitable business before it can contemplate an initial public offering. "They (Ferrari) make projections and they always achieve," he said. "What I want to have is some kind of stability and certainty before we do an IPO because we don't want to make promises we can't keep." An IPO could happen anytime from three years to a decade from now, and could involve going public as a group or spinning off a unit, he said, but is definitely coming because "we obviously have financial investors that at some point want to exit." Related video: Earnings/Financials Green Bugatti Porsche Electric Luxury Performance Supercars Rimac

2015 Porsche Macan Turbo

I knew it was a softball question, but I asked it anyway. It's pretty standard for automakers to offer up some examples of competitors when they invite the media to drive a new vehicle for the first time. If not stated outright, it's just as standard for some journalist to query about the competitive set as soon as the Q&A begins. I knew full well that Porsche believes it has a valuable new niche to itself with the 2015 Macan (and especially with the Macan Turbo), but I wanted to hear the answer to the competitor cars question anyway.
Porsche CEO Matthias Müller didn't hesitate for a second to respond. With a half-smirk appropriate to an executive that is about to launch the (very probably) most profitable and best-selling product in his brand's lineup he chuckled, "Of course, I could be arrogant and say this car has no competitors..."
Arrogant? Well, the grinning Müller certainly didn't give off a humble vibe as he proceeded to count down a list of German and British utility vehicles from various classes that are clearly behind the pace of the Macan in either looks, luxury, or sporting prowess - Range Rover Sport, BMW X3 and Mercedes-Benz GLK among them.

Audi spearheads development of an ultra-luxurious EV code-named Landjet

The rumors claiming Audi wants to release a model positioned above the A8, and the reports of an ongoing electric car development program called Artemis internally, have seemingly converged. Citing sources inside the carmaker, a German media outlet reported the firm is busily creating a super-luxurious EV code-named Landjet. Audi is leading the development process, but sister companies Bentley and Porsche will reportedly receive their own version of the Landjet. All three models will likely take the form of three-row SUVs with generous dimensions. They'll be so big that none of Audi's production facilities will be able to manufacture them, according to an anonymous insider who spoke with German newspaper Handelsblatt. Luckily, Volkswagen makes vans, too. It's too early to tell what will power the Landjets. Audi assigned some of its most brilliant engineers to Project Artemis, and the technology they develop will permeate the three EVs before trickling down into cheaper models in the group. Expect high performance, a high driving range, and semi-automated driving technology. If the report is accurate, the Landjet vehicles will enter production in Hanover, Germany, by the end of 2024. The facility currently makes the Volkswagen Transporter, which is a direct descendant of the rear-engined Bus sold for decades, and it will start manufacturing the production version of the ID.Buzz concept in the coming years. Volkswagen hasn't commented on the report, and car companies rarely address speculation, but its Commercial Vehicles division released a statement in November 2020 that confirms the Hanover site will begin building SUVs about halfway through the 2020s. It's a major shift for a factory normally tasked with manufacturing vans. "Our main plant in Hanover is becoming the production site for three completely new premium electric vehicles in the Group. These D-SUVs are genuine flagship projects: premium, 100% electric, and highly automated," said Carsten Intra, the head of Volkswagen's Commercial Vehicles division, in a statement. He added the firm will invest about 680 million euros (about $807 million) to build a new assembly line, among other upgrades.