Porsche to participate in electric supercar maker Rimac Automobili’s funding round

In a statement to Automobilwoche weekly, Volkswagen unit Porsche said, it is participating in Rimac Automobili’s funding round which will see the electric supercar maker raise $157 million-$181 million (130 million-150 million euros).

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

Currently Porsche, which has a 15.5% stake in Rimac Automobili, could raise it to just below 50% in a deal that would also include the transfer of Volkswagen’s supercar brand Bugatti to Rimac, said Automobilwoche.

Neither Volkswagen nor Rimac were immediately available for comments.

Earlier last month, Porsche’s CEO Oliver Blume had said, intense negotiations on Bugatti’s future were ongoing and that Rimac could potentially play a role as the brands since they were a good technological fit; he had gone on to add, a decision on this mater was expected in the first half of 2021.

“Supercars have a limited market, the market for components is much bigger. That is why we are planning to expand our company,” said Rimac while adding, the plans includes to to more than double Rimac Automobili’s workforce by early 2023 to 2,500 from its current 1,000,

($1 = 0.8282 euros)

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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