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Volkswagen Porsche AG raises Croatia’s stake in Rimac to 24%

© Reuters.File Photo: The 2019 Rimac C2 Hypercar is on display at the New York Autoshow in New York

Porsche AG, Volkswagen’s (DE :) luxury car division, has agreed to raise its stake in Rimac Automobili to 24%, the two companies said Monday. $ 974 million).

Porsche AG first purchased a 10% stake in Rimac in 2018 and increased it to more than 15% a year later. The latest deal buys an additional 8.8% for 70 million euros.

“Rimac is in a good position in prototype solutions and small series,” Porsche AG Chief Financial Officer Lutzmeschke said in a statement. “Rimac is on the road to becoming a Tier 1 supplier for Porsche and other manufacturers in the tech segment.”

Since Porsche’s first investment, Rimac’s workforce has nearly doubled to 1,000. We are collaborating with car markers such as Hyundai, Kia and Aston Martin.

“Porsche has been a big supporter of our company since 2018 and it is always an honor to have one of the world’s most iconic sports car brands in Rimac.” Group Founder and Chief Executive Officer Said Mate Rimac.

($ 1 = 0.8396 euros)

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Volkswagen Porsche AG raises Croatia’s stake in Rimac to 24%

Source link Volkswagen Porsche AG raises Croatia’s stake in Rimac to 24%

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