Porsche is selling its Bugatti Rimac stake and walking away from Rimac

porsche is selling its 45% stake in bugatti rimac, fully exiting the joint venture it formed with rimac group in 2021. it's also selling its 20.6% stake in rimac group itself. the buyer is a consortium led by new york-based hof capital, with bluefive capital as its largest investor. financial terms weren't disclosed. the deal gives rimac group full operational control of bugatti rimac. porsche ceo michael leiters said the sale lets porsche focus on its core business. rimac founder mate rimac had made a preliminary offer last year valuing the joint venture at slightly over €1 billion, per bloomberg. porsche shares dropped 1.6% in early trading on friday. the broader auto industry is dealing with consolidation pressure from slowing growth, rising costs, and tariff disruption. automotive deal value rebounded to over $35 billion by the third quarter last year, according to bain.