Croatian EV supercar maker Rimac raises 500 million euros

Rimac Group, the Croatian firm very best known for its 1,900 horsepower Nevera electric powered sports auto, mentioned it has elevated 500 million euros (about $537 million) from traders including Goldman Sachs, Porsche and a technological know-how fund encouraged by Japan’s SoftBank.

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

Rimac created headlines past year when it agreed to acquire a managing desire in Bugatti, the ultra-exceptional French automaker that had lengthy been part of the Volkswagen Group. As portion of that deal, Bugatti and Rimac’s sports activities-auto company ended up mixed in a joint venture amongst Rimac and VW subsidiary Porsche, with Rimac holding a 55% stake.  

The new financial investment is envisioned to speed up Rimac’s pivot away from its roots as a modest-scale manufacturer of superior-conclusion electrical sports cars and trucks. It will proceed to manufacture the $2.4 million Nevera through the joint venture with Porsche, as perfectly as a collection of new styles for Bugatti. But now it strategies to emphasis much of its hard work, and most of its new capital, on its Rimac Technological innovation subsidiary, which develops and manufactures parts for superior-general performance electric powered and hybrid vehicles manufactured by other automakers.  

Rimac Know-how has presently attracted many massive-identify automaker purchasers — like Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault — and earlier investments from the two Hyundai and Porsche.

Rimac claimed it will use this new cash infusion to employ 700 new personnel, to open a sequence of new places of work in Europe, and to create out a new headquarters presently under building in close proximity to Zagreb, Croatia’s cash.

That new headquarters facility — which will include things like producing and warehouse place as effectively as places of work and laboratories — will be the major setting up in Croatia when it is finished subsequent calendar year, CEO Mate Rimac instructed reporters in a briefing Tuesday.

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