Bugatti is not the type of automaker to reveal all-new products with much frequency. The Volkswagen Group's premier brand mainly releases new derivations of the Chiron like the Chiron Super Sport 300+ and the retro-styled Centodieci. But even though Bugatti has only truly produced one car at a time since the Veyron was launched, speculation has not ceased surrounding a potential second model from the brand. Bugatti has even been looking for financing to help build a second model and according to a recent report from Bloomberg, the company may have decided on what it will be.

Bloomberg says Bugatti's second model will be an electric grand tourer (either a sedan or crossover) with seating for four people. This new model would be less expensive than a Chiron and would likely be priced between 500,000 and 1 million euros ($554,000 to $1.1 million). Bugatti Chief Executive Officer Stephan Winkelmann said, "The industry is changing fundamentally, and we have to address what opportunities there are to develop Bugatti as a brand going forward." It is a "hard fight" to obtain funding for a niche product, he added.

Bugatti has often been used to show the VW Group's engineering prowess and in a post-Dieselgate world, Winkelmann wants the brand to remain relevant to avoid being phased out. Moving towards electrification is less about emissions and more about innovation from an engineering standpoint for Bugatti.

The company currently sells about 100 highly customized vehicles per year and is "earning decent money" according to Winkelmann. But adding a second, less expensive model could massively increase Bugatti's sales to around 600 units annually, similarly to how the Urus increased Lamborghini's sales.

Volkswagen Chief Executive Officer Herbert Diess may even combine VW Group's top brands including Bentley, Bugatti, Lamborghini, and Porsche into a "super-premium group" with Porsche as the leader. "If you look at that combination of brands, I think it would be unique in the auto industry," Winkelmann said.