Porsche AG to raise stake in Croatia’s Rimac to 24%

Volkswagen’s luxury division Porsche-AG has agreed to raise its stake in Rimac Automobili to 24 per cent, the companies said on Monday. The companies had a deal that values the Croatian electric hypercar maker at 795 million euros.

Porsche AG first bought a 10 per cent stake in Rimac in 2018, raising it to more than 15 per cent a year later. Under the latest deal, it is buying a further 8.8 per cent for 70 million euros.

Since Porsche’s first investment, Rimac’s workforce has nearly doubled to 1,000 employees. It is collaborating with carmakers including Hyundai, Kia and Aston Martin.

“Rimac is well on its way to becoming a Tier 1 supplier for Porsche and other manufacturers in the high-tech segment”, AG finance chief Lutz Meschke said.

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