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)

Copyright (c) 2021 Dow Jones & Company, Inc.