Ladies and gentlemen, meet the new supercar maker in town, Bugatti-Rimac. With help from Porsche, the new joint venture is starting a new course for the future of supercars. On Monday, Porsche announced the company’s creation as Volkswagon, Bugatti’s current owner relinquishing the French marque to Porsche. Porsche will in turn go hand-in-hand with Bugatti to the joint venture company. Nonetheless, both Bugatti and Rimac will remain as separate entities.

Porsche will hold a direct 45 per cent stake in the JV, while Rimac takes the other 55 per cent. The former also directly holds a 24 per cent stake in Rimac, too.

“We are combining Bugatti’s strong expertise in the hypercar business with Rimac’s tremendous innovative strength in the highly promising field of electric mobility. Bugatti is contributing a tradition-rich brand, iconic products, a loyal customer base and a global dealer organization to the joint venture,” Porsche CEO Oliver Blume said in a statement.

For starters, there are not many changes for both company’s product portfolios. Bugatti-Rimac will build Bugatti’s Chiron and Rimac’s Nevera. In the future, Rimac will have a heavy hand in helping develop future French supercars.

According to CNET, Porsche will play a ‘strong role’ in the joint venture as a strategic partner as Bugatti and Rimac learn from one another. The companies expect Bugatti-Rimac to become official in the fourth quarter of 2021 with headquarters in Zagreb, Croatia, and 430 employees to start.