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The Financial Express

Porsche to participate in fundraising of electric supercar maker Rimac

| Updated: March 03, 2021 14:38:05


A logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (Covid-19) outbreak in Brussels, Belgium May 28, 2020 — Reuters/Files A logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (Covid-19) outbreak in Brussels, Belgium May 28, 2020 — Reuters/Files

Volkswagen unit Porsche is participating in a financing round of Rimac Automobili that will see the electric supercar maker raise 130 million-150 million euros ($157 million-$181 million), its owner Mate Rimac told weekly Automobilwoche.

The fundraising should be completed in two to three months and another round is planned at the end of the year, Rimac told the trade journal.

Porsche owns a 15.5 per cent stake in Rimac Automobili and could raise its stake to just below 50 per cent in a deal that would also include the transfer of Volkswagen’s supercar brand Bugatti to Rimac, Automobilwoche said.

Volkswagen and Rimac were not immediately available for comment on Sunday.

Porsche Chief Executive Oliver Blume said earlier this month that intense discussions on Bugatti’s future were ongoing and that Rimac could play a role as the brands were a good technological fit, adding that a decision was expected in the first half of 2021.

Rimac has developed an electric supercar platform, which it supplies to other carmakers, including Automobili Pininfarina.

“Supercars have a limited market, the market for components is much bigger. That is why we are planning to expand our company,” Rimac told Automobilwoche.

That includes plans to more than double Rimac Automobili’s workforce by early 2023 to 2,500 from 1,000 currently, he said.

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