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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

2019 Hyundai Veloster N vs. hot hatch rivals: How they compare on paper

The highly anticipated top-rung of the Veloster line, the 2019 Hyundai Veloster N, is on the verge of hitting dealers. And the company has finally dropped all the specifications, and perhaps most importantly, the car's official pricing that starts at $27,785. So you know what that means: it's time to see how it stacks up to the competition. The Veloster N falls into an interesting niche in the hot hatch world. It's the most potent of its model line, but it's not as powerful as vehicles such as the Civic Type R, Focus RS and Golf R. But it also doesn't have the price of those cars. As such, we decided to compare it with other sub-$30,000 sport compacts. We examined each car's power, fuel economy, size and pricing. You can see all the vital statistics in the chart below, as well as additional photos and analysis after that. As always, specifications only tell so much, so be sure to check out our detailed reviews of these cars. Also be sure to check out our comparison tool if you want to compare these with other models. Engines, transmissions and performance Three of these cars are impressively close in output, and one is, well, not. The Veloster N Performance Pack is the clear horsepower champion with 275 ponies. Second place for power is almost tied, with the Focus ST's 252 horses edging out the standard Veloster N's 250. The Focus ST also boasts the most torque at 270 pound-feet. The GTI nearly matches both Velosters with its 258 pound-feet, but its 228 horsepower is far behind the Korean and American entries. The Civic Si lags far behind with just 205 horsepower and 192 pound-feet of torque from the only 1.5-liter engine here. The rest use 2.0-liter engines. 2019 Hyundai Veloster N View 47 Photos Every vehicle here sends its power to the front wheels, and three of the four do so exclusively with 6-speed manual transmissions. That means that if you don't want to work a clutch, your only option is the VW GTI. It offers a 7-speed dual-clutch transmission, which, like all VW Group dual-clutch units, is really smooth and fast. While the Civic Si is at the back of the pack in terms of power, it does make up for it somewhat with excellent fuel economy. It's capable of hitting 38 mpg on the highway, and city mileage is rated at a solid 28 mpg. The Veloster N is at the back of the pack here, with its highway mileage the same as the Civic's city economy. Its city fuel economy is just 22 mpg.

Lamborghini has been developing an IPO strategy 'for a long time'

Porsche AG isn’t the only Volkswagen AG brand that has been quietly preparing for a potential initial public offering. Italian luxury-car maker Lamborghini has been developing a strategy how to present itself to stock-market investors since well before Volkswagen asked each of its brands to come up with virtual equity stories, according to the unitÂ’s Chief Executive Officer Stephan Winkelmann. “WeÂ’ve been working on this with other agencies in order to create clarity,” Winkelmann said. “As a brand, weÂ’ve done so for a long time, to show what worth, what value we have. Up until a little while ago, it wasnÂ’t so well known.” Porsche became EuropeÂ’s most valuable automaker last month, when its market capitalization overtook that of VW a week after its IPO in Frankfurt. The debut of the 911 maker was a bold move into public markets, which have been largely shut for most of the year. VW CEO Oliver Blume has said he sees the listing as a blueprint to unlock more value from the groupÂ’s brands that also include Audi and Bentley. “An IPO drill is exactly what you do to show the public how solid you are and what is in progress for the future,” Winkelmann said. “We have a clear story and strategy for that.” Audi, which oversees VWÂ’s premium brands, said last month there are no concrete plans for an IPO of Lamborghini. A previous push to potentially spin off the carmaker and motorcycle brand Ducati ran into opposition from labor leaders. Still, LamborghiniÂ’s recent profit gains -- including a 31.9% operating margin in the first half of this year -- make a solid case for a stock-market listing, said Michael Dean, an analyst at Bloomberg Intelligence. “An IPO is something that could potentially happen in the next 18 months, depending on market conditions,” Dean said. “A ˆ15 billion valuation is entirely justifiable and could be even higher, given the margin metrics.” LamborghiniÂ’s deliveries rose 8% to 7,430 vehicles in the first nine months of the year. Operating profit climbed 69% to ˆ570 million ($567 million). Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lamborghini teases Huracan Sterrato tackling terrain