Porsche acquires stake in tech and electric sports car business Rimac Automobili

Daniel Roland | AFP | Getty Images

Porsche has taken a 10 percent stake in Rimac Automobili, a technology and electric sports car business from Croatia, the luxury car maker said Wednesday.

Zagreb-based Rimac Automobili develops and produces components for electric vehicles and manufactures "electric super sports cars."

At the Geneva Motor Show in March, the Croatian business showcased the most recent iteration of the C Two, a two seater "electric hypercar" that can reach a top speed of 256 miles per hour. The vehicle can achieve an 80 percent battery charge in only 30 minutes.

"By developing the purely electric two-seaters super sports cars, like the Concept One or C Two, as well as core vehicle systems, Rimac has impressively demonstrated its credentials in the field of electromobility," Porsche's Lutz Meschke said in a statement.

"We feel that Rimac's ideas and approaches are extremely promising, which is why we hope to enter into close collaboration with the company in the form of a development partnership," Meschke, who is deputy chairman of the executive board and member of the executive board for finance and IT at Porsche, added.

Porsche is among a number of car makers looking to embrace electric mobility. Every Volvo from 2019, for example, will have an electric motor, while Ford announced in January that it would increase its planned investments in electrification to $11 billion by 2022.

As well as manufacturing electric sports cars, Rimac Automobili focuses on electric powertrains, high voltage battery technology, and what Porsche described as the "development of digital interfaces between man and machine." The business also develops and manufactures e-bikes via subsidiary Greyp Bikes.

Rimac CEO Mate Rimac described the partnership as an important step for the business on its way to becoming "a component and system supplier of choice for the industry in electrification, connectivity and the exciting field of advanced driver assistance systems."