Porsche dives deeper in the EV space; increases its stakes in Rimac Automobili to 15.5% from 10% — BlockInspect

Automobile giant Porsche is diving deeper into the electric vehicle space, and that is evident from its latest move to increase its stake in Croatian electric vehicle components and hypercar company Rimac Automobili. As per reports, Porsche is increasing its stake from 10% to 15.5% in Rimac.

This move is aligned with Porsche’s plans to enhance partnerships and collaborations in regard to battery technology, said Lutz Meschke, deputy chairman of Porsche’s executive board. Porsche is further looking to invest more than $6 billion into electric mobility till 2025.

Founder of Rimac, Matt Rimac was quoted saying, “Gaining Porsche as a stakeholder was one of the most important milestones in our history. The fact that Porsche is now increasing its stake is the best form of confirmation for our collaboration and represents the foundation for an even closer relationship. “We are only at the start of our partnership — yet we have already met our high expectations. We have many collaborative ideas that we aim to bring to life in the future. The fundamental focus is creating a win-win situation for both partners and offering our end customers added value by developing exciting, electrified models.”

Apart from Porsche, Rimac has also worked closely with Renault, Jaguar and Aston Martin. In a deal to collaboratively develop huge performance electric vehicles, Hyundai Motor Company and Kia Motors jointly invested around $90 million in Rimac a couple of months ago.

Originally published at https://www.blockinspect.com on September 7, 2019.