Volkswagen Group’s chapter with Bugatti is closed. Porsche AG completed the sale of its remaining stakes in Bugatti Rimac and Rimac Group to a consortium led by HOF Capital on September 9, 2026, according to Porsche’s own newsroom announcement, ending Volkswagen’s ownership involvement with the French hypercar marque after more than two decades under the German conglomerate.

Porsche walked away with roughly €1 billion from the deal, with about €250 million of that earmarked to help fund pension obligations, per the same Porsche release. The transaction had been signed back in April 2026 and needed regulatory clearance before it could close, which finally came through this month. Porsche’s exit means it now holds zero stake in both Bugatti Rimac, the joint venture that builds the cars, and Rimac Group, the Croatian company Mate Rimac founded that also supplies EV components to other automakers.

Before the sale, Rimac Group held 55% of the Bugatti Rimac joint venture and Porsche held the other 45%, while Porsche separately owned roughly 20.6% of Rimac Group itself, according to Rimac’s own newsroom statement on the completed transaction. With Porsche fully out, Rimac Group remains the controlling force behind Bugatti Rimac, and New York-based HOF Capital — backed by its larger investor, BlueFive Capital — becomes a major shareholder across the wider Rimac business rather than in Bugatti specifically.

How Volkswagen Ended Up Out

Volkswagen Group bought Bugatti in 1998 and rebuilt it from a dormant brand into the company behind the Veyron and Chiron, two of the fastest production cars ever built. In 2021, VW folded Bugatti into a new joint venture with Rimac rather than continuing to run it solo, betting that Rimac’s electric powertrain expertise would shape the brand’s next generation. That bet produced the opposite of what VW expected: instead of an EV, Rimac and Bugatti’s engineers built the Tourbillon, a hybrid hypercar powered by a naturally aspirated V16 paired with electric motors, a deliberate departure from the battery-only future VW originally envisioned for the brand.

Leadership has shifted alongside the ownership change. Mate Rimac now serves as Bugatti’s president, Christophe Piochen has stepped down from that role, and Marko Brkljacić is taking over as Bugatti Rimac’s chief operating officer. Porsche, for its part, framed the sale as a move to sharpen its own focus back onto its core sports car business, and said the proceeds would help lift its forecasted 2026 automotive net cash flow margin to between 5.5% and 7.5%, up from an earlier 3% to 5% projection.

A brand that spent 28 years as a VW Group trophy asset is now controlled outright by the small Croatian EV company that once supplied it battery packs. That reversal says as much about how fast Rimac has grown as it does about Volkswagen quietly trimming a business line that never fit neatly into its own electrification math.