December 6, 2022

LDMfour

Let's Talk Car

Croatian EV supercar maker Rimac raises 500 million euros

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Rimac Group, the Croatian firm best recognised for its 1,900 horsepower Nevera electric sports car, explained it has lifted 500 million euros (about $537 million) from buyers like Goldman Sachs, Porsche and a technological innovation fund advised by Japan’s SoftBank.

The new funding round values Rimac at around 2 billion euros.

Rimac built headlines past yr when it agreed to consider a managing interest in Bugatti, the ultra-distinctive French automaker that experienced lengthy been portion of the Volkswagen Group. As element of that deal, Bugatti and Rimac’s sports activities-automobile business were put together in a joint venture involving Rimac and VW subsidiary Porsche, with Rimac holding a 55% stake.  

The new investment is envisioned to accelerate Rimac’s pivot away from its roots as a modest-scale producer of higher-close electric powered sporting activities cars. It will continue on to manufacture the $2.4 million Nevera by means of the joint undertaking with Porsche, as very well as a series of new designs for Bugatti. But now it designs to aim much of its effort and hard work, and most of its fresh new capital, on its Rimac Technological innovation subsidiary, which develops and manufactures elements for high-efficiency electrical and hybrid vehicles manufactured by other automakers.  

Rimac Technologies has by now captivated many huge-title automaker purchasers — including Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault — and earlier investments from equally Hyundai and Porsche.

Rimac claimed it will use this new capital infusion to hire 700 new personnel, to open a collection of new places of work in Europe, and to build out a new headquarters now under construction in the vicinity of Zagreb, Croatia’s cash.

That new headquarters facility — which will incorporate production and warehouse space as perfectly as offices and laboratories — will be the premier making in Croatia when it is completed future yr, CEO Mate Rimac explained to reporters in a briefing Tuesday.

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