Chinese Invest 30 Million Euros in Rimac Automobili

Rimac Automobili is on the verge of securing a 50 million euro financial package that will provide the necessary funds for expansion and the development of a new electric vehicle model for the market, reports Bloomberg agency.

The company, which supplies global firms with electric vehicle technology and auto components, is considering financing offers after receiving 30 million euros from the Camel Group, based in Shanghai, said the company’s director Mate Rimac.

Camel’s investment will also enable Rimac to enter China, while securing capital for battery and powertrain production, Rimac stated.

>>> Porsche also introduced a competitor to Tesla – the Mission E model

According to him, plans are being finalized for the construction of eight units of the electric vehicle Concept One from 2013, which the company claims can reach speeds of 355 kilometers per hour, and can accelerate from 0 to 100 kilometers per hour in less than three seconds.

“We have a lot of interest from investors, but this is the amount of capital we need. We know exactly what we want to do in the next three years and we want to do it on our terms,” Rimac told Bloomberg in a telephone interview.

The company, which manufactures components and designs for clients such as Aston Martin Lagonda and Koenigsegg Automotive, has tripled its value since 2014 and is now estimated to be worth over 200 million euros. The company focuses on the luxury vehicle market, with the average price of its Concept One being one million euros.

In search of capital, Rimac rules out selling the company he started in his garage in 2009. The factory in Sveti Nedelja has approximately 250 employees, and in addition to Concept One, it also produces electric bicycles under the Greyp Bikes brand, which can travel 240 kilometers on a single charge.

>>> Der Spiegel: VW, Audi, Porsche, BMW, and Daimler formed a ‘secret cartel’

Camel, the largest Asian battery manufacturer, will be given shares in Rimac in exchange for approved capital, and Rimac says he does not rule out financing at some point through an initial public offering (IPO).

With the new capital, Rimac plans to relocate to a larger site and more than double the number of employees.

“I have always been convinced that electric vehicles are the future. Now it seems obvious, but when I started, many people told me I was crazy,” Rimac told Bloomberg.

The new model from Rimac will mark a step towards the development of a self-driving car. The company plans to produce approximately 200 units of this new model and expects to present it at the international Motor Show in Geneva in March next year, Rimac says.

“I believe that by producing electric and self-driving cars, we offer a new opportunity for Croatia and that we can help attract other companies from the industry. If this is possible in Croatia, then other things are possible too,” Rimac emphasized.