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Porsche, a subsidiary of Volkswagen, announced yesterday Monday an increase in its participation to 24% in the capital of the Croatian electric car manufacturer Rimac.
The €70 million investment increases the German group’s stake in the young manufacturer by a further 8.8%, enabling the latter to achieve a valuation of €795 million.
In fact, it should be noted that in June 2018, the Volkswagen subsidiary had already taken a 10% stake in the Croatian company and a few months later increased it to 15.5%.
“Mate Rimac and his team are important partners, especially when it comes to supporting us in the development of components. Rimac is on the way to becoming a leading 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,” said Meschke, Vice President of Porsche.
Rimac has assured that the brand will remain independent and that everything concerning investments will be well differentiated from the automotive project part.
“Porsche has been a great part of our business 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. We are proud to be working together on exciting new electrified products. With many car manufacturers around the world being Rimac customers, it is important for both Rimac and Porsche that we remain a fully independent company. The partnership with Porsche helps the company to grow, which is good for everyone,” said Mate Rimac.
If Mate Rimac denied any takeover of Porsche, the latter has however admitted to be in talks with the Volkswagen group concerning the future of Bugatti. Rumours have it that Rimac will take possession of Bugatti on condition that Porsche increases its stake to 50%. The German group will decide on the fate of Bugatti around mid-2021.
Read also > THE VOLKSWAGEN GROUP ABOUT TO SELL BUGATTI IN RIMAC
Featured Photo : © Porsche[/vc_column_text][/vc_column][/vc_row]
