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Bugatti and Rimac joint venture profitable 'beyond expectations'

WARWICK, England — The joint venture between Croatian electric carmaker Rimac and Bugatti has been far more profitable than anticipated as the two brands work on developing vehicles together under one roof, Rimac's top executive said on Wednesday. "It's highly profitable and cash flow positive beyond anybody's expectations," Rimac CEO Mate Rimac told Reuters in an interview at the UK offices of the carmaker's Rimac Technology unit in Warwick. "It's such a win-win situation for everybody." Rimac added the joint venture has brought "lots of synergies going both ways." The Rimac Group comprises the Bugatti-Rimac JV, producing the electric sportscar Nevera and the Bugatti Chiron — which is owned 45% by Porsche AG — and a technology unit which supplies battery systems and powertrain components to other carmakers. Earlier this year the group raised 500 million euros ($519 million) in a new funding round. Rimac's CEO said the company has developed a "really close strategic relationship" with Porsche, which was listed by its parent Volkswagen in October. Porsche holds a 20% stake in the Rimac group. "We are really collaborating on many levels, developing and producing lots of key elements of their (Porsche's) future hybridization and electrification," he said. Rimac's CEO said the group must become more like Ferrari with a predictable, stable and profitable business before it can contemplate an initial public offering. "They (Ferrari) make projections and they always achieve," he said. "What I want to have is some kind of stability and certainty before we do an IPO because we don't want to make promises we can't keep." An IPO could happen anytime from three years to a decade from now, and could involve going public as a group or spinning off a unit, he said, but is definitely coming because "we obviously have financial investors that at some point want to exit." Related video: Earnings/Financials Green Bugatti Porsche Electric Luxury Performance Supercars Rimac

Porsche 924 GTP restored for coupe's 40th birthday

The Porsche 924 is among the most unappreciated models from the German brand, but it's still an important part of Porsche's history as the predecessor to the 944 and eventually the 968. To mark the 40th anniversary of the sport coupe's 1976 introduction, Porsche Great Britain is restoring an important member of the vehicle's legacy by bringing a 1980 Porsche 924 GTP racecar back to its former glory. This car was among three factory-backed 924 GTPs that raced in the 1980 24 Hours of Le Mans. After the event, the car immediately went into Porsche's museum collection, and it has been there ever since. The missing body parts and rough paint still show the wear and tear of racing around the clock in France. The 924 GTP featured all the tricks you would expect would be needed to take the road-going coupe to the track. Porsche cut the weight down to 2,050 pounds, and the 2.0-liter turbocharged engine made 315 horsepower and 282 pound-feet of torque. Power went to the rear wheels through a five-speed gearbox. You can follow along with the restoration online, including period photos of how it should look. The video above also offers a rare glimpse at the Porsche archive, which includes over 5 million photos and 5,000 hours of movies and audio. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Get lost in Evo's sublime 2013 Car of the Year testing

Every year Evo stages its Car of the Year test, bringing the best performance cars in the world to one location for an epic shootout. This year the magazine pitted eight CotY finalists against each other on Route Napoleon in Southern France - Evo claims it's the "best road in the world" - and then proceeded to nitpick the smallest of faults on each car until the winner could be named. You see, this year's lineup of machines was just so good that only one car obviously wasn't CotY material from the get-go. Can you guess which one judging from the list below?
- Aston Martin V12 Vantage S
- Audi R8 V10 Plus