Porsche raises stake in Croatian sportscar maker Rimac to 15.5%

FRANKFURT: Porsche, a unit of Volkswagen on Friday said it had raised its stake in Croatian sportscar maker Rimac to 15.5%.

In June 2018, Porsche took a 10% stake in Rimac, after the start-up company developed expertise in the area of high-voltage battery technology and electric powertrains for use in ultra high end sportscars.

Lutz Meschke, Deputy Chairman of the Executive Board at Porsche AG said, “We have now increased our stake and intend to intensify our collaboration in the field of battery technology.”

Hyundai also has a share in Rimac.

The companies are working together to develop prototypes for an electric version of Hyundai Motor’s N brand midship sports concept car and a high-performance fuel cell electric vehicle.

Hyundai and sister brand Kia are investing €64 million (RM299mil) and €16 million (RM75mil) respectively in Rimac.