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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

Recharge Wrap-up: Porsche 918 Spyder named Robb Report Car of the Year, cheap E85 in MN

Robb Report has named the Porsche 918 Spyder as its 2015 Car of the Year. The luxury lifestyle publication chose the powerful hybrid for being "the rarest, fastest, quickest, and most groundbreaking production Porsche ever," says Robb Report automotive consultant Robert Ross. About 140 judges were involved in the decision, which was announced at the North American International Auto Show in Detroit this week. Read more at Robb Report. Samsung SDI brought four new batteries to the Detroit Auto Show. One is a 120-Ah battery with a range of over 300 kilometers (186 miles). A second is interoperable between plug-in hybrid and all-electric vehicles. A third is a compact hybrid battery that offers smaller packaging without losing capacity. The fourth is a low-voltage system meant to replace or work alongside lead-acid batteries and improve fuel economy. Read more at The Korea Economic Daily, or in the press release below. A relationship between a Minnesota ethanol producer and retailers means cheap E85 for customers. The DENCO II ethanol plant began blending its own E85 fuel in 2011, and now sells directly to 45 gas stations. DENCO II sets the pricing for the fuel, and has been running a promotion for certain retailers to sell E85 for about a dollar cheaper than E10 gasoline. That promotion includes a Cenex station in Alexandria, MN selling E85 for just 85 cents per gallon. The result has been success for both the producer and gas stations, with customers having more cash to spend on retail goods when they go inside to warm up. Read more at Ethanol Producer Magazine. Samsung SDI, targeting the North American market with automotive batteries and high-tech materials ? Display batteries and materials for automobiles at NAIAS from January 12, 2015 ? Introduce high capacity battery cells providing 300km driving distance per charge ? Present Non-Painting Metallic Material, the winner of SPE Automotive Innovation Award ? Samsung SDI, the world-leading material and energy solution provider introduced automotive batteries and engineering plastic materials targeting the North American market at the Detroit auto show. Samsung SDI showed off automotive batteries for electric vehicles as well as advanced materials for the interiors and exteriors of conventional vehicles at the 2015 North American International Auto Show.

Woman rushing to pub nearly causes head-on collision

A woman in a rush to pick up her husband from a local pub caused this close call on a street in England this weekend. The near miss happened on Sunday on the B1253 between Rudston and Bridlington, East Yorkshire, England. A Porsche Cayenne driver attempted to overtake a blue Citroen on a blind curve but didn't see the white Skoda in oncoming traffic. Thanks to the Skoda driver's quick maneuvering on to the grassy shoulder the Cayenne only caused minor damage to the other two cars. Damian Hodgson is the owner of the dashboard camera who was behind the blue Citroen. After the close call Hodgson first stopped to check on the Skoda driver. Driver and car were okay, but a 10-year-old girl in the front seat was in tears. Hodgson then made his way down the road where the Porsche driver was speaking to the Citroen driver. He said the Porsche's driver gave some pretty lame reasons for putting so many people's lives in danger. "She said she was picking her husband up from the pub and was wearing a pair of slippers - but it's no excuse to be overtaking on a blind bend," Hodgson told the Mirror. "She did tell me she always overtakes at that spot though." Hodgson picked up the dashcam after a crash while on vacation in Florida last month. He offered the footage to both the drivers of the Skoda and the Citroen, but both declined. Hodgson told the Mirror that he hopes some good comes from the incident. "If anything comes of this, it is hopefully that the lady Porsche driver has learned a lesson and she will not put others in danger again." Related Video: News Source: The Mirror Weird Car News Porsche Citroen Skoda Driving Safety dashboard camera near miss