Porsche expected to up its stake in electric vehicle manufacturer: reports

Volkswagen subsidiary Porsche is understood to be participating in a financing round on behalf of Rimac Automobili that will see the electric supercar maker raise 130 million-150 million euros ($157 million-$181 million).

Speaking to weekly Automobilwoche, its owner Mate Rimac said the fundraising should be completed in two to three months and another round is planned at the end of the year.

Porsche currently owns a 15.5% stake in Rimac Automobili and could raise its stake to just below 50% in a deal that would also include the transfer of Volkswagen’s supercar brand Bugatti to Rimac, Automobilwoche said.

Porsche Chief Executive Oliver Blume said earlier this month that intense discussions on Bugatti’s future were ongoing and that Rimac could play a role as the brands were a good technological fit, adding that a decision was expected in the first half of 2021.

Rimac has developed an electric supercar platform, which it supplies to other carmakers, including Automobili Pininfarina.

“Supercars have a limited market, the market for components is much bigger. That is why we are planning to expand our company,” Rimac told Automobilwoche.

That includes plans to more than double Rimac Automobili’s workforce by early 2023 to 2,500 from 1,000 currently, he said.

The expected move follows motor giant Ford’s unveiling a $22 billion programme of investment that will see every passenger vehicle manufactured by the firm in Europe fully electric within nine years.

Last month Ford has said it is “to go all-in” on its electric passenger vehicles and to substantially grow and electrify its commercial vehicle business.

It pledged that by mid-2026, 100 percent of Ford’s passenger vehicle range in Europe will be zero-emissions capable, all-electric or plug-in hybrid, and will be completely all-electric by 2030. Similarly, Ford’s entire commercial vehicle range will be zero-emissions capable, all-electric or plug-in hybrid, by 2024, with two-thirds of Ford’s commercial vehicle sales expected to be all-electric or plug-in hybrid by 2030.

The news comes after Ford reporting, in the fourth quarter of 2020, a return to profit in Europe and announced it was investing at least $22 billion globally in electrification through 2025, nearly twice the company’s previous EV investment plans.

Volkswagen declined to comment.

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