Porsche has invested an additional 70 million euros into Rimac Automobili, thus increasing its stake in this Croatian technology and sports car company to 24 percent, the Sveta Nedelja-based company said in a press release on Monday.

In June 2018, the Stuttgart-based car manufacturer made an initial investment when it purchased a 10 percent stake in Rimac, and in 2019 it increased its interest to 15.5 in this Croatian company which develops and produces electromobility components and also produces electrically powered super sports cars in-house.

The latest investment strengthens the position of Rimac Automobili as a company specialised in the technology development and production of key systems for the high-performance electric car market, the press release reads.

The Rimac Automobili company currently cooperates with Hyundai, Kia, Porsche, Aston Martin, Automobili Pininfarina, Koenigsegg, and other leading car makers.

Mate Rimac, the founder of the Croatian company, was quoted as saying that since 2018, Porsche has been providing Rimac Automobili with great support.

Porsche AG finance chief Lutz Meschke was quoted as saying that “Rimac is well on its way to becoming a Tier 1 supplier for Porsche and other manufacturers in the high-tech segment.”