{"text":[[{"start":6.25,"text":"Porsche is selling its stake in the owner of supercar brand Bugatti as the German group scales back its ambition to produce high-end electric vehicles and wrestles with falling sales."}],[{"start":17.4,"text":"The sports-car maker will offload its 45 per cent holding in Bugatti Rimac — a joint venture with electric hypercar company Rimac — to a group led by US investment firm HOF Capital, the companies said on Friday."}],[{"start":31.349999999999998,"text":"The consortium will also acquire Porsche’s 20.6 per cent stake in Rimac, they added, without disclosing financial details of the transaction. "}],[{"start":40,"text":"Porsche’s exit comes as chief executive Michael Leiters pursues a turnaround strategy based on tempering its electric ambitions and boosting investment in petrol and hybrid vehicles. "}],[{"start":50.9,"text":"“With the sale of our stake, we are focusing Porsche on the core business,” said Leiters, who took the top position in January. "}],[{"start":58.6,"text":"Bugatti Rimac was formed in 2021 when Porsche’s parent Volkswagen sold a controlling stake in Bugatti to Rimac, which also makes electrical parts for other carmakers including BMW and Hyundai. "}],[{"start":72.1,"text":"The Croatian group was founded by Mate Rimac, a Bosnia-born entrepreneur who has previously been described as Europe’s answer to Elon Musk as he sought to pioneer battery-powered sports cars in the region. "}],[{"start":84.35,"text":"The joint venture unveiled its first electrified Bugatti supercar in 2024, the Tourbillon hybrid, which has a starting selling price of €3.8mn. "}],[{"start":95.19999999999999,"text":"Following the sale of Porsche’s stake, HOF Capital, whose other investments include payments group Klarna and coffee chain Blank Street, will become the largest shareholder in the wider Rimac Group after its founder. The deal will also end VW’s ties with the Bugatti brand, which it bought in 1998."}],[{"start":114.35,"text":"“We now have a structure that allows us to execute even faster on our long-term vision,” Mate Rimac said."}],[{"start":121.6,"text":"European carmakers have been battling competition from Chinese manufacturers and US tariffs that have hit exports, particularly for luxury cars such as Porsche which are manufactured for the most part in Europe. "}],[{"start":133.75,"text":"Stuttgart-headquartered Porsche’s operating profit fell 93 per cent last year as US tariffs and the writedowns of its EV activities contributed to impairments of €3.9bn. "}],[{"start":146.2,"text":"VW is also in the midst of a major restructuring that will cut tens of thousands of jobs and capacity in Germany and has been under pressure to sell off non-strategic assets and simplify its corporate structure. "}],[{"start":159.04999999999998,"text":"The group is also planning to sell its Everllence division, which has attracted bids from private equity groups for the shipping engine and heat pump manufacturer. "}],[{"start":167.7,"text":"It has also signalled it was willing to bring outside investors for its autonomous taxi business and battery-cell production unit, PowerCo. "}],[{"start":182.95,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777025288_6472.mp3"}