2013 Porsche 911 on 2040-cars

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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

Weekly Recap For 6.24.16 | Autoblog Minute

Leaked photos of the 2017 Porsche Panamera, and spy shots of the Jeep Wrangler and Ford Fiesta ST. Senior Producer Chris McGraw reports on this edition of Autoblog Minute. Ford Jeep Porsche Autoblog Minute Videos Original Video ford fiesta st fiesta st

Someone burnt the schnitzel out of this trio of Porsches

Every vehicle has a story, and right now, we're wondering about the tale of three extra crispy Porsches – listed as a " 1963 Porsche Porsche" (a 356), a 1970 914 (we're pretty sure it's probably a 912, not a 914), and a 1996 911 – stuck in a Woodhaven, MI salvage yard. Yes, salvage. Fire has consumed all three cars from stem to stern, the 914 looks partially flattened and, along with the 356, has part of a tree growing out the back. Shockingly, no one's bid yet. But right now, we just want to know what happened. Obviously there was fire. A lot of fire. But beyond that, we don't know. Autoblog called the salvage yard, located in southern metro Detroit, and couldn't uncover any information – a customer service rep told your author that the company doesn't have "the story" on the cars and doesn't staff mechanics at the facility. Perhaps it's this lack of mechanics that explains the outrageous prices the salvage yard listed on its website. The repair estimate on each car should read "Never," but instead, a six-figure appraisal accompanies each car. They're probably low-balling. The lowest estimated retail value, meanwhile, is $75,000. At least the primary damage – "Burn" – is correct, albeit something of an understatement. Check out the images of each car up top. And if you want more information – or God forbid you're actually considering bidding on one of these – you can click over to the salvage yard's website. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Burnt Porsches in Michigan View 9 Photos News Source: Copart [1, 2, 3]Image Credit: Copart Auto News Porsche Auctions Coupe Performance Classics fire porsche 356 salvage porsche 912