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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

Meet Buster, this 1968 Porsche racecar transporter from Mercedes

If you're thinking about Porsche and Mercedes-Benz when it comes to motorsports, your first thought is probably on the two German brands battling on the track. However, for decades, whenever Porsche's factory team went to compete, a custom Mercedes was right along with them hauling the racecars. These days the truck lives in the Brumos Collection in Jacksonville, FL, and goes by the nickname Buster. However, its story goes back to 1968 when Porsche ordered two commercial vehicles from Mercedes and then handed them over to a Stuttgart-based outfitter for customization. The results were these racing transporters that hauled models like the 917 and 956 until the '80s. The other survived, too, with a place in Porsche's collection. Well-known racers in their own right, Brumos scooped up the transporter in 2003 and have kept driving it to vintage racing events. The interior now boasts the signatures of many of the great drivers from the era of this historic truck. Watch the video for the whole story on the Mercedes with a whole lot of Porsche inside.

1986 Porsche 959 Prototype at Barrett-Jackson sees gavel fall at $440,000 [UPDATE: w/video]

Fans of Porsche in America have longed for the chance to buy a 959 ever since the German automaker produced and sold it (well, sold it everywhere but the United States...) in the 1980s. Well, they just had their chance. The car you see above is a Porsche 959 prototype built in 1986, and only one other running prototype still exists.
The 959 prototype can't be driven on public roads, as it carries no such certification. Somehow, we doubt that matters all that much to the new buyer - this one is probably going to be sitting in a collection. When the gavel finally fell, bidding had reached $400,000, plus a 10-percent buyer's fee.
Check out our high-res image gallery above to see this prototype up close, and scroll down below to watch a video of it crossing the auction block and for its official auction description.