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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

Porsche reveals new LMP1 racecar testing ahead of 2014 Le Mans debut

Getting ready for its triumphant return to the premier racing class of Le Mans, Porsche has released a handful of images showing its new LMP1 racecar testing. Porsche hasn't run a car in the Prototype class at 24 Hours of Le Mans since 2009, but this racecar - still veiled in secrecy - will be expected to battle against the Audi and Toyota LMP1 Prototypes to help bring Porsche its 17th Le Mans victory.
Aside from knowing that it will use a hybrid powertrain to meet LMP1 rules, there are no other details about the car... including its name or potential sponsors. In the meantime, Porsche has set up a microsite, called Mission 2014, to share its extensive history racing at Le Mans. Also, be sure to check out some of the past videos Porsche has released as it gears up for its reborn LMP1 program.

DP Motorsport tries to turn a vintage Porsche 911 into a sleeper

Once you get past the fact that it's hard to call a car a sleeper when it has race-product stickers on its quarter panel, and the script across the back panel reads "Porsche 911 3.2 Sleeper," it's fun to imagine what this car can do. Celebrating the 50th anniversary of the Porsche 911, Germany's DP Motorsport took a model from 1986, stripped it of everything - including the paint and undercoating - then replaced everything with lightweight and race-ready parts.
In went race cams and ported cylinder heads, a lightweight flywheel, an RSR titanium racing exhaust, 935-style lollipop seats and RSR carpeting, a lightweight battery, perforated and galvanized hinges and brackets, hardened perspex windows. The 3.2-liter engine puts out 270 horsepower - 70 hp above the stock 911 on sale here in 1986 - and 226 pound-feet of torque through a limited slip differential to staggered wheels. The exterior color is metallic rock-green lacquer.
If you want one, $120,00 is where the part starts, but DP Motorsport says it offers the parts individually if you don't need your vintage Porsche to sleep this hard. On a side note, for a chucklesome journey back in time, check out this review of the 1986 911 that gets things going with this line: "First off, the Porsche 911 is very expensive - how does about 40 thou grab you?" Back on topic, there's a press release below that tells the rest of the story of the 3.2 Sleeper.