The last few years have been chaotic, to say the least, because of the pandemic, and the next few promise to be interesting too, because of the economy, which many worry could go south. Someone who is not all that worried? Bugatti Rimac CEO Mate Rimac, who says Bugatti Rimac is doing just fine.
Rimac told CNBC this week that Bugatti is doing more than fine, in fact, with the ultra-rich who buy Bugattis not all that affected from the goings on of the past few years. If anything they might be even better-positioned, which means that they are ordering Bugattis, like the just-announced Mistral, of which all 99 examples are already sold.
“We don’t see any slowdown at the moment, quite the opposite,” he said. “With Bugatti, we are sold out well into 2025. So even if the (recession) is a few years, we will come out even stronger out of it.”
Yes, you might be worried about a recession, but Bugatti Rimac has a lot of Bugattis to make, thank you. And while there were some who perhaps batted an eye when Rimac, an electric supercar maker, acquired Bugatti last year, Rimac seems, if anything, to be taking a conservative root with its business. Rimac also told CNBC, for example, that they don’t intend to go public just for the sake of going public or as a naked money grab, like some automaker startups have been accused of.
“We will go public at some point,” he said. “We are in no hurry. … We want to go to the market when it’s really the right time when the company has really very strong financials and we are very close to that. So we will go public, but if it’s in three years or five years or six, I don’t know, we’ll see.”
He said the company has been waiting in part because of the industrywide flood of go-public mergers with special purpose acquisition companies.
“I was very publicly against this kind of frenzy that was happening over the last couple of years with SPACs. I knew it would end ugly and most of them did,” Rimac said. “Of course there are very good companies who also did a SPAC and went public in that way, but a lot of people have lost a lot of money, especially in the electric vehicle industry. So we didn’t want to do that.”
Rimac is also probably cognizant of the fact that in the current market, there is not much investor enthusiasm, because almost everyone is worried about said possible recession. Investors will remain worried until a recession does or does not happen, at which point they might go back to throwing money around again, at which point Rimac might decide that the time is now right. Until then Bugatti Rimac has a lot of Bugattis to build.