Back in July, an exciting new joint venture between Bugatti and Rimac was announced that will see the two automakers work together to develop a new generation of electric hypercars. Four months after the initial announcement, Rimac is now officially joining forces with Bugatti, operating under the name of Bugatti Rimac to "generate an exciting new movement in the automotive and technology industries."

Rimac will be the majority shareholder in Bugatti Rimac with a 55 percent stake, with Mate Rimac serving as CEO of the company. Porsche will have a 22 percent stake, while Hyundai will have an 11 percent stake in Bugatti Rimac, with other investors making up the remaining 32 percent. Porsche will also be a strategic partner, with Oliver Blume, chairman of Porsche, and Lutz Meschke, deputy chairman and CFO of Porsche, joining the supervisory board. Bugatti's managing director of production and logistics Christophe Piochon will become Bugatti's new president and chief operating officer of Bugatti Rimac.

Meanwhile, Stephan Winkelmann is stepping down from his role as president of Bugatti and will focus exclusively on his role as CEO at Lamborghini. "I would like to thank the entire Bugatti team and our customers for three and a half unbelievable, exciting, intense and successful years," said Winkelmann. "Together, we have developed fantastic hyper sports cars and led Bugatti into a new dimension."

"I am honored to be leading this new fusion of automotive minds and begin what will no doubt be a successful, revolutionary and exciting new chapter for everyone involved," said Mate Rimac. "I am also extremely curious to oversee the profound impact Bugatti Rimac will have on the industry, and I look forward to developing innovative new hypercars and technologies."

Bugatti Rimac's global headquarters is based at Rimac's current location in Zagreb, Croatia, but will eventually move to the new $230 million Rimac Campus, where the Rimac Technology division will continue developing innovative battery-electric car technology for other car manufacturers.

This technology will also be applied to future Bugatti and Rimac models after the Nevera and Chiron. Opening in 2023, the Rimac Campus will employ 2,500 staff. Bugatti Rimac currently has 435 employees, with 300 based in Zagreb and 135 in Molsheim, France. An additional 180 people work at Bugatti's development site in Wolfsburg, Germany.

Rimac and Bugatti will continue to operate as independent brands and retain their distribution channels and production facilities in Zagreb and Molsheim respectively. However, research and development of future Bugatti Rimac hypercars will take place at the Rimac Campus. Bugatti Rimac has not hinted at any future product plans, but it seems likely that the two companies will join forces to make an electric successor to the Bugatti Chiron.