Croatian EV supercar maker Rimac raises 500 million euros

Rimac Team, the Croatian company greatest known for its 1,900 horsepower Nevera electrical sports activities motor vehicle, claimed it has elevated 500 million euros (about $537 million) from buyers which includes Goldman Sachs, Porsche and a engineering fund encouraged by Japan’s SoftBank.

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

Rimac designed headlines final 12 months when it agreed to acquire a managing fascination in Bugatti, the ultra-exceptional French automaker that had extensive been portion of the Volkswagen Group. As aspect of that offer, Bugatti and Rimac’s athletics-car or truck business enterprise have been combined in a joint venture amongst Rimac and VW subsidiary Porsche, with Rimac keeping a 55% stake.  

The new investment decision is expected to speed up Rimac’s pivot absent from its roots as a modest-scale company of substantial-finish electric powered sports automobiles. It will proceed to manufacture the $2.4 million Nevera by means of the joint undertaking with Porsche, as perfectly as a sequence of new designs for Bugatti. But now it designs to aim substantially of its energy, and most of its contemporary capital, on its Rimac Technology subsidiary, which develops and manufactures components for substantial-general performance electric powered and hybrid cars designed by other automakers.  

Rimac Engineering has currently captivated many huge-name automaker purchasers — like Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault — and earlier investments from both of those Hyundai and Porsche.

Rimac claimed it will use this new funds infusion to hire 700 new workforce, to open up a collection of new workplaces in Europe, and to create out a new headquarters at this time under development close to Zagreb, Croatia’s funds.

That new headquarters facility — which will include things like producing and warehouse area as nicely as workplaces and laboratories — will be the major constructing in Croatia when it is completed up coming calendar year, CEO Mate Rimac advised reporters in a briefing Tuesday.