Porsche sells big stake in Bugatti Rimac and Rimac Group
Porsche is selling its big stake in Bugatti Rimac and Rimac Group to a team led by HOF Capital, an investor connected to SpaceX and Anthropic.
This move ends Porsche's short run with Bugatti Rimac, just under five years after joining forces.
The deal still needs regulatory approval, and the price tag hasn't been shared.
Porsche profit down nearly 93%
Porsche made this call as it faces some tough financial times: a huge drop in profits (down nearly 93%) thanks to costly changes in its electric car plans, which set them back €3.9 billion.
CEO Michael Leiters says it's time for Porsche to double down on what it does best.
Even so, Porsche is still betting big on new ideas, putting about €2.4 billion into fresh products while also navigating global challenges like US tariffs and fierce competition in China that are hitting the whole Volkswagen Group.