(CNN) Volkswagen Group and Porsche have agreed to create a new joint venture that combines Rimac, a Croatian company that makes electric supercars, with Bugatti. The new company will be called Bugatti-Rimac and will make both Bugatti and Rimac cars. Porsche also owns a stake in Rimac. It will continue to operate as a separate car brand although Bugatti and Rimac will jointly develop new Bugatti models, the announcement said. Bugatti is being transferred to the new joint venture by its parent company, Volkswagen Group.

Source: CNN July 05, 2021 15:31 UTC