Porsche AG has agreed to sell its stakes in the Bugatti supercar brand and the Rimac Group to private equity. The sale involves a consortium led by HOF Capital, a fund co-founded by a scion of Egypt’s billionaire Sawiris family.
The German luxury sports-car maker is shifting its focus toward its core business as it continues to work through a turnaround program. Porsche's new CEO is specifically focusing on reviving the company's struggling core brand.
This transition comes as the automotive industry grapples with mounting pressure to consolidate. The sector is currently facing challenges including slowing growth, rising costs, and intensifying margin pressure.