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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

1949 Gm?nd Porsche shows the birth of an icon

The Austrian village of Gmünd is more than just difficult to pronounce; it's also the birthplace of the Porsche brand. Before the company ever started building sports cars at its current home base near Stuttgart, the fledgling business completed several vehicles in the tiny town in Southern Austria. In this video, former Pikes Peak International Hill Climb champion Jeff Zwart takes a look at a 1949 Gmünd coupe to see how the company has evolved since its earliest days.
The thing to note about the Gmünd-built Porsches is their absolute design simplicity. The phrase "form follows function" gets bandied around a lot, but it really means something when you look at these early cars. However, the minimalism was partially out of necessity. The vehicles were meant to be sporty but certainly weren't rockets. Power came courtesy of a modified Volkswagen Beetle engine, and anything extraneous would have slowed the models down. Scroll down to watch Zwart go back in time to Porsche's beginnings.

Porsche trio seals endurance drivers' title

Fifth place. That's all it took for the Porsche team to seal the drivers' title in the 2015 FIA World Endurance Championship. And that's just what they did this weekend in the 6 Hours of Bahrain. The leading lineup of Timo Bernhard, Brendon Hartley, and Mark Webber drove the #17 Porsche 919 Hybrid to the drivers' title to cap a dominant season for the Weissach team. Porsche already won the pinnacle race at Le Mans this past summer, and drove home the manufacturers' title at the penultimate round in Shanghai. The championship-winning trio of Bernhard, Hartley, and Webber won four out of the total eight rounds this season – including the races at the Nurburgring, Circuit of the Americas, Fuji, and Shanghai. That gave them 166 points in the final standings, besting the 161 achieved by the Audi team of Andre Lotterer, Marcel Fassler, and Benoit Treluyer, who won at Silverstone and Spa. In beating Audi to the top honors in the championship and at Le Mans, Porsche has completely locked its corporate cousins (and chief rivals) out of the winner's circle for the first time in years. Last season saw Toyota win both titles in the WEC, but Audi still won at Le Mans. Audi won both titles in the first two seasons of the championship, and the French endurance race all but three times in the past 16 years. The last time Audi was completely shut out was in 2009, when Peugeot won at Le Mans and Aston Martin took both titles in the associated Le Mans Series with its Lola-based LMP1 prototype. This latest achievement only adds to Porsche's unsurpassed sports car racing trophy cabinet. The German outfit won 12 manufacturers' and teams' titles (and another six drivers' titles) in the 1970s and 80s under the previous World Sportscar Championship. It has won at Le Mans a record 17 times, and another 18 each at Sebring and Daytona. Porsche also took the checkered flag at the Targa Florio 11 times, won the Monte Carlo rally four times, the Dakar twice, and with TAG and McLaren, won three drivers' titles, two constructors' titles, and 25 grands prix in Formula One. Related Video: Porsche works drivers win the FIA World Endurance Championship drivers' title The new champions: Timo Bernhard, Brendon Hartley and Mark Webber Stuttgart.