Porsche Invests EUR70 Million to Increase Stake in Electromobility Company
March 08 2021 - 3:48AM
Dow Jones News
By Joshua Kirby
Porsche AG said Monday that it is increasing its stake in
Croatian electromobility-components maker Rimac Automobili to 24%
from 15% previously.
The German auto maker said it is investing 70 million euros
($83.4 million) to increase its stake in the company, which it
first joined as an investor in 2018 before increasing its stake to
15% in 2019. The increased stake doesn't give Porsche a controlling
influence, the company said.
Rimac Automobili's value has increased many times over since the
initial investment, according to Lutz Meschke,the deputy chairman
of Porsche's executive board.
"The company has developed very well technologically. We are
expanding our cooperation step by step and are also benefiting from
Rimac's strength in innovation," he said.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
March 08, 2021 03:33 ET (08:33 GMT)
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