Porsche Funds EV Startup, Rimac To Develop Electric Supercar

Rimac, the production of electric supercars.(photo: twitter @AutomobiliRimac)

JAKARTA - Porsche strengthened its relationship with Rimac, an electric supercar company, by investing 500 million US dollars (IDR 727 billion) for the Croatia-based startup. Porsche did not disclose the exact amount invested in Rimac, except to simply say the amount was "eight figures." Porsche will also not have full control of Rimac, and retain the 20 percent equity previously owned by the company.

Over the years, Porsche has grown closer to Rimac, such as buying a stake in the company and setting up a joint venture to run Bugatti after Volkswagen took ownership of the startup.

This investment news is the latest indication that Porsche has a positive perception of Rimac's future. Porsche also has a controlling stake in Greyp, an electric mountain bike company also founded by Rimac CEO Mate Rimac.

“We are delighted that Rimac has secured a prominent new investor, and we are optimistic about the continued development of this exciting company,” said Lutz Meschke, executive vice chairman of Porsche AG and member of the executive board for Finance and IT. Other investors in Rimac are SoftBank's Vision Fund 2 and Goldman Sachs Asset Management.

Rimac was founded in 2009 by Mate Rimac in a garage as a one-man operation. Over the past few years, the company has become a highly desirable brand, with many longtime automakers asking the startup for help in building their own electric supercars, including Porsche, Hyundai, and Bugatti.

Last year, Rimac released the Nevera, a quad-motor, which has 1,914 horsepower of electric absurdity, with a top speed of 258 mph and the ability to go 0-60 mph in under two seconds. It was never expected to be the fastest sports car ever made, a title previously held by the Bugatti Chiron.

With the new funding, Rimac plans to find an additional 200 employees by 2022 and invest in its production capacity for “high volume projects.” Rimac is a low volume manufacturer, currently producing only a few vehicles each month. The company has set a limit for Never at 150 units.

"Nonetheless, Rimac's forthcoming growth plans for the coming years are excellent," said Mate Rimac in a statement thanking Porsche for its vote of confidence.