Porsche pours more cash into EV supercar company Rimac

Porsche is strengthening its relationship with EV supercar company Rimac, investing "eight figures" for a total ownership stake of 20 percent, TechCrunch reported. Rimac scored $500 million in total, with additional funds coming in from investment giants Softbank and Goldman Sachs. All of that is a huge vote of confidence in the company, which has become a key supplier and collaborator on EVs built by Hyundai, Porsche and other mainstream automakers. 

Porsche, which invested $83.3 million in Rimac last year, said it's "delighted" that Rimac has gained some new, high-profile investors. "SoftBank is the biggest tech investor in the world, and Goldman is a very big financial investor," said Rimac founder and CEO, Mate Rimac. The money will be used to build a $200 million Rimac campus in Zagreb, Croatia and bolster the company's Rimac Technology subsidiary, which designs and builds EV parts for other automakers. 

Despite the influx of cash from Porsche, Rimac said the overall investment will help it remain independent. "It’s very good for us to have Porsche and Hyundai onboard as shareholders, but we don’t want to be fully dependent on them," the CEO explained. 

Last year, Rimac set up a joint venture with Porsche to run Bugatti after Volkswagen ceded ownership. The new entity, called Bugatti Rimac, recently unveiled the 1,914-horsepower Rimac Nevera EV hypercar that will go from 0-60 MPH in 1.85 seconds and have an estimated top speed around 250 MPH. Apart from Porsche and Hyundai, Rimac Technology develops and manufactures batteries and other components for Koenigsegg, Pininfarina and Aston Martin. 

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Porsche is strengthening its relationship with EV supercar company Rimac, investing "eight figures" for a total ownership stake of 20 percent, TechCrunch reported. Rimac scored $500 million in total, with additional funds coming in from investment giants Softbank and Goldman Sachs. All of that is a huge vote of confidence in the company, which has become a key supplier and collaborator on EVs built by Hyundai, Porsche and other mainstream automakers. 

Porsche, which invested $83.3 million in Rimac last year, said it's "delighted" that Rimac has gained some new, high-profile investors. "SoftBank is the biggest tech investor in the world, and Goldman is a very big financial investor," said Rimac founder and CEO, Mate Rimac. The money will be used to build a $200 million Rimac campus in Zagreb, Croatia and bolster the company's Rimac Technology subsidiary, which designs and builds EV parts for other automakers. 

Despite the influx of cash from Porsche, Rimac said the overall investment will help it remain independent. "It’s very good for us to have Porsche and Hyundai onboard as shareholders, but we don’t want to be fully dependent on them," the CEO explained. 

Last year, Rimac set up a joint venture with Porsche to run Bugatti after Volkswagen ceded ownership. The new entity, called Bugatti Rimac, recently unveiled the 1,914-horsepower Rimac Nevera EV hypercar that will go from 0-60 MPH in 1.85 seconds and have an estimated top speed around 250 MPH. Apart from Porsche and Hyundai, Rimac Technology develops and manufactures batteries and other components for Koenigsegg, Pininfarina and Aston Martin. 

https://ift.tt/Dr8VHBK June 01, 2022 at 10:49AM