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Rimac inks deal to purchase 55% of Bugatti from VW Group

ZAGREB, Croatia — Croatian electric supercar builder Rimac is taking over the iconic French manufacturer Bugatti in a deal that is reported to be worth millions of euros. Rimac said GermanyÂ’s Volkswagen Group, including the Porsche division — which owns a majority stake in Bugatti — plans to create a new joint venture. The new company will be called Bugatti-Rimac. Rimac Automobili announced Monday that it will be combining forces with Bugatti to “create a new automotive and technological powerhouse.” Rimac has progressed in 10 years from a one-man garage startup to a successful company that produces electric supercars. Mate Rimac, who founded the company in 2009, says the venture is an “exciting moment” and calls the combination of the companies “a perfect match for each other.” Porsche will own 45% of Bugatti-Rimac while Rimac Automobili will hold the remaining 55% stake, according to Croatian media reports. Financial details of the deal were not published. Bugattis will continue to be assembled in eastern France, where the company was established in 1909. The vehicles will use engines developed and made in Croatia. “In an industry evolving at ever-increasing speed, flexibility, innovation and sustainability remain at the very core of RimacÂ’s operations," the company said. “Uniting RimacÂ’s technical expertise and lean operations with BugattiÂ’s 110-year heritage of design and engineering prowess represents a fusion of leading automotive minds." Earnings/Financials Green Bugatti Automakers Porsche Volkswagen Green Automakers Electric Supercars

VW announces recall of 26,000 2014 models with 1.8T engines

Volkswagen has followed up on a stop-sale order from earlier this month, announcing a voluntarily recall of 26,400 vehicles that are powered by the brand's 1.8-liter, turbocharged four-cylinder engine. The new mill replaced the despised 2.5-liter five-cylinder in the Jetta, Passat, Beetle and Beetle Convertible last year. Weirdly, though, of the 26,452 units covered in the recall, only 1,655 are customer vehicles.
According to VW, the affected models were built between February 1 and April 6 of this year, and feature bad O-ring seals in the transmission oil cooler. Apparently, the faulty O-rings could cause a fluid leak, as they won't seal between the oil cooler and transmission. VW is blaming a material change from a supplier for the problem.
There have been no fires, injuries, accidents or fatalities relating to this issue, which VW will be fixing free of charge. Customers will need to report to dealers to have the O-rings replaced.

Skoda's next concept is a 300-mile electric SUV

If you thought Volkswagen wasn't serious about electric vehicles, think again. Its subsidiary Skoda will reveal an electric SUV concept called the Vision E at the Shanghai auto show in a few weeks. Not only is it the fourth all-electric concept shown by the VW group (following the I.D., I.D. Buzz, and Sedric), but it previews the electrified future of Skoda, which announced that it will have five pure EVs in its lineup by 2025. The Vision E is just as impressive as the company's electric ambitions, too. It boasts a roughly 310-mile range on a charge, and packs a motor that makes about 300 horsepower. The car will be capable of level 3 autonomy, which will allow it to operate autonomously on highways, in stop-and-go traffic, and to find parking spaces. Its top speed isn't amazing at around 111 mph, but it isn't a sports car. Rather, it's an "SUV coupe" similar to the BMW X6 and Mercedes-Benz GLC Coupe. As such it has a more sedan-like back. The styling is also unique with full-width headlights and foglights, and another lighting element that extends from the front fender down the doors. The only obviously Skoda styling cue is the bulge down the center of the hood. The Vision E is also similar to the X6 and GLC Coupe in other ways. Its specs are quite close to those crossovers, particularly the Mercedes. It's a few inches shorter than the GLC Coupe, but it's an inch wider. It also makes the same amount of horsepower as the entry-level X6 and outguns the Mercedes by an impressive 59 horsepower. Of course, these are figures currently only projected and hypothetical since the Vision E is a concept, but it helps us get an idea of what this vehicle is like. So far, Skoda has only released sketches of the concept. We'll have to wait until the Shanghai show to see the real thing. Related Video: