FRANKFURT (Reuters) – Volkswagen Porsche AG’s luxury division has agreed to increase its stake in Rimac Automobili to 24%, the companies said Monday, in a deal that values Croatia’s electric hypercar maker at 795 million euros ( $ 947 million).
Porsche AG initially bought a 10% stake in Rimac in 2018, raising it to more than 15% a year later. Under his latest deal, he buys an extra 8.8% for 70 million euros.
“Rimac is well positioned in prototype and small series solutions,” Porsche AG finance chief Lutz Meschke said in a statement. “Rimac is on track to become a Level 1 supplier to Porsche and other high-tech manufacturers.”
Since Porsche’s initial investment, Rimac’s workforce has almost doubled to 1,000 employees. It collaborates with car brands including Hyundai, Kia and Aston Martin.
“Porsche has been a huge supporter of our company since 2018, and it has always been an honor to have one of the most iconic sports car brands in the world as part of Rimac.” said Mate Rimac, founder and CEO of the group.
($ 1 = 0.8396 euros)
Reciting with Christoph Steitz. Edited by Mark Potter