Croatian electric supercar startup Rimac Automobili is taking over Bugatti. Rimac will own a controlling 55% share in the new company, Bugatti-Rimac, with VW’s Porsche owning the remaining 45%, according to reports by the Financial Times.

“Rimac and Bugatti are a perfect match in terms of what we each bring to the table,” said founder and CEO of Rimac, Mate Rimac, in a statement. “As a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies. With the Nevera, we have also proven that we can develop and manufacture outstanding hypercars, that are not only fast but also exciting and high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history.”

The company recently unveiled the Nevera, a hypercar powered by a 120kWh battery pack and four motors to achieve a staggering 1.4MW of power, which is about 1,914 horsepower. It can go from 0 to 60 mph in 1.85 seconds and has a top speed of 258 mph. The Nevera is expected to be the fastest sports car, a spot previously held by the Bugatti Chiron’s.

Rimac’s meteoric rise from bootstrapping in a garage in 2009 to building supercars with one of the most desirable and well-known car brands demonstrates how electric vehicles are beginning to take over the luxury and sports car market. It’s not just about doing what’s right for the environment – it’s about pioneering speed in the future of automobiles.

Along with this announcement, Rimac said it would separate the development, production and supply of battery systems, drivetrains and other EV components into a new entity owned by Rimac Group called Rimac Technology, which will work independently with other global car manufacturers.

The formation of Bugatti-Rimac doesn’t affect the shareholder structure within Rimac Group. Mate Rimac will continue to hold his 37% share in Rimac Group, with Hyundai Motor Group holding the same 12% and other investors at 27%, according to a statement from the company. Porsche recently upped its stake in Rimac from 15% to 24%, but its total ownership doesn’t give It a controlling interest in the new EV company, the companies told FT.

Mate Rimac will lead Bugatti-Rimac, which will be headquartered in Zagreb, Croatia. Bugatti’s manufacturing will remain in Molsheim, France.