Ambition has always been Mate Rimac’s calling card, and it seems his next move could redefine the balance of power in Europe’s hypercar world. The founder of Rimac and current head of the Bugatti Rimac group, Mate Rimac, has revealed that he wants to buy out Porsche’s stake in the joint venture.

If a deal like that were to go through, it would hand him full control over the company and the direction of both the Rimac and Bugatti brands, while potentially giving Porsche a welcome financial boost as it contends with declining sales.

Who Holds the Keys?

Rimac and Bugatti famously came together in 2021 through a complex tie-up where Porsche gave Mate Rimac control of Bugatti in return for a greater stake in the Rimac Group. As it stands, the Rimac Group owns 55 percent of Bugatti Rimac, with Porsche owning the remaining 45 percent.

Read: Rimac Might Buy Porsche Out And Take Over Bugatti

At the time of that original deal, Mate Rimac owned 37 percent of the Rimac Group, while Porsche held 24 percent, Hyundai 12 percent, and a mix of smaller investors made up the final 27 percent.

Mate Rimac has reportedly made a preliminary offer for Porsche’s 45 percent stake earlier this year, valuing the joint venture at over €1 billion or $1.1 billion. He now confirmed that he wants to take over the joint venture with the assistance of an unnamed international investor group and private equity funds.

The Next Move

“It’s no secret that we are in discussions,” he told Bloomberg. “I just want to be able to make long-term decisions, to make long-term investments, and to do things in a different way, without having to explain to 50 people. When you negotiate with a corporation, there are so many factors. It’s families, it’s multiple families. It’s an emotional topic.”

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Porsche had previously attempted to raise its share in the joint venture, but those plans ultimately fell through.

Now, with the German sports car maker facing a significant drop in sales this year, shelving projects such as the K1 SUV, and scaling back some of its electric vehicle ambitions, it may see this as the right moment to sell its stake in Bugatti Rimac.