Porsche-backed Rimac Automobili and Bugatti Automobiles to form a joint venture.

Porsche-backed Rimac Automobili and Bugatti Automobiles, two car manufacturers, agreed to form a joint venture. Financial terms were not disclosed. "Rimac and Bugatti are a perfect match in terms of what we each bring to the table. As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies. With the Nevera, we have also proven that we can develop and manufacture outstanding hypercars, that are not only fast but also exciting and high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history," Mate Rimac, Rimac Automobili Founder and CEO.