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Volkswagen in talks to sell Bugatti brand to Croatia’s Mate Rimac

Germany’s Volkswagen Group is holding talks to sell its luxury car brand Bugatti to Croatia’s Mate Rimac, the founder of electric vehicle developer and producer Rimac Automobili, German media reported on Thursday, as cited by Total-Croatia. 

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According to unnamed sources, nothing has been decided yet, though it is possible that the sale to Rimac will receive the approval of Volkswagen by the end of the year, Manager Magazin reported.

Sveta Nedelja-based Rimac Automobili, founded in 2009, specializes in high-performance electric vehicle technology.

Shareholders in Rimac Automobili include: Porsche, part of the Volkswagen Group, which has a 15.5% stake; China’s Camel Group (14%); Hyundai Motor (11%); and Kia Motors Corporation (2.7%), Total-Croatia says.