Porsche agrees to increase stake in Rimac to 24%

Porsche has announced that it will increase its stake in Rimac to 24%, with the capital increase valued at around 70 million euros (RM341 million). This is the third cash injection into the Croatian company following an initial acquisition of a 10% stake in 2018, which was later increased to 15.5% in 2019.

“Rimac is excellently positioned in prototype solutions and small series,” said Lutz Meschke, deputy chairman of the executive board and member of the executive board for finance and IT at Porsche AG.

“Mate Rimac and his team are important partners, especially when it comes to supporting us in the development of components. Rimac is well on its way to becoming a tier one supplier for Porsche and other manufacturers in the high-tech segment. Porsche has already placed its first orders with Rimac for the development of highly innovative series components,” he added.

“Porsche has been a big supporter of our company since 2018, and it has always been a privilege to have one of the world’s most iconic sports car brands be a part of Rimac,” commented company founder Mate Rimac.

“We’re proud to work together on exciting new electrified products. With many car manufacturers across the world being Rimac customers, it is important, both for Rimac and Porsche, that we remain an entirely independent business. The partnership with Porsche helps the company develop and grow which is beneficial for all of our customers,” he continued.

The Croatian carmaker is in the midst of readying the C_Two, which is the follow-up to the Concept One, with deliveries set to begin this year after being delayed due to the Covid-19 pandemic. Since Porsche’s first investment in 2018, the company’s workforce has doubled to nearly 1,000 people. Besides Porsche, the company also works with a number of other car brands, including Hyundai, Kia, Aston Martin, Automobili Pininfarina, Koenigsegg and many more.

The post Porsche agrees to increase stake in Rimac to 24% appeared first on Paul Tan's Automotive News.

from Paul Tan's Automotive News
Read The Rest:paultan...