Volkswagen said Monday that it was giving up control of Bugatti, the storied automaker whose absurdly expensive hypercars are worshiped by aficionados but seemed incongruous at a company better known for economical Golfs and Passats.
Bugatti, whose Chiron model starts at close to $3 million, will become part of a joint venture between Volkswagen’s Porsche unit and Rimac, a young Croatian company that has made a name for itself doing design and engineering projects for large carmakers.
Rimac will own 55 percent of the joint venture, known as Bugatti-Rimac, and Porsche will own 45 percent. Mate Rimac, the 33-year-old founder of Rimac, will be the chief executive. The companies did not disclose financial terms.