Porsche nears plans to increase stake in electric hypercar maker Rimac

Porsche nears plans to increase stake in electric hypercar maker Rimac
The move could see the transfer of VW’s high-performance supercar brand, Bugatti to Rimac Porsche AG, the Volkswagen-owned automobile manufacturer that specializing in high-performance sports cars, sedans and SUVs, has recently hinted plans to extend its current 15.5% stake in renowned electric hypercar maker, Rimac Automobili. Sources close to this development claim that Porsche could raise its stake to just below 50% in Rimac which could further include the transfer of VWs globally famed supercar brand Bugatti to Rimac. This deal could also allow Rimac to explore more prospects in both IC engine, and electric powertrain. Mate Rimac, Founder of Rimac Automobili, said in a statement that, through the execution of a fundraising round, the company could raise between $157 million-$181 million. The investment round is expected to be finalized in 2-3 months while another round is expected to be initiated by the end of 2021. Mr. Rimac explained that supercars have a limited market, while the market for components is comparatively larger. This perception has encouraged their firm to expand further by means of executing plans such as doubling its workforce to 2,500 from current 1,000 by early 2023. As per Oliver Blume, CEO of Porsche, there are intense discussions going on about Bugattis future, and that both Rimac and Porsche were a good technological fit. Rimac currently develops electric supercar platform which it supplies to other automakers such as Automobili Pininfarina. Porsche meanwhile is a Volkswagen Group subsidiary that currently holds a 15.5% stake in Rimac. Automakers like Hyundai, Jaguar Land Rover, Kia, and Koenigsegg also are some of the key investors in Rimac. As per reports, the EV industry is witnessing large scale investments lately. For instance, in 2020, German auto giant VW was seeking to offload resources from its high-performance brands to its ID electric vehicle program. Meanwhile, Rimac is looking to set up production facilities to support the development of its upcoming semi-autonomous, all-electric hypercar, C_Two. Source Credit: https://auto.hindustantimes.com/auto/news/porsche-to-increase-its-stake-in-ev-maker-rimac-bugatti-s-fate-to-be-decided-41614516568228.html