Porsche Ups Stake in Rimac

Porsche AG, which acquired a 10% stake in Rimac Automobili in June 2018, has increased its ownership to 15.5%.

Noting that the two companies can learn much from each other, Porsche says it also will deepen its relationship with the Croatian engineering and supercar developer. Terms of the deal weren’t disclosed.

Earlier this year, Hyundai Motor Co. and its Kia Motors affiliate invested a combined €80 million ($90 million) for a 13.7% share in Rimac. As part of that deal, Rimac will help the South Korean carmakers develop a pair of vehicles.

Founded in 2009, Rimac has produced several prototype and low-volume EVs, including last year’s Concept Two, a 1,900-hp supercar. Rimac supplies batteries for such high-performance electrics as the Koenigsegg Regera and Aston Martin Valkyrie.

The Croatian company, which has about 600 employees, also makes electric bicycles under the Greyp brand.