This Electric Car Just Raised Over $500 Million

This Croatian electric car company just raised half a billion in investments. Where is that money going?
Written by Andrew Kidd
Reviewed by Kathleen Flear
Jul 29, 2022
A
European
electric car company,
Rimac
, has raised another half a billion euros in investments from other automakers.
As
CNBC
reports, Croatia's Rimac Group has raised 500 million euros from investors, placing its value at over 2 billion euros.

What does this mean for Rimac?

Investors included Goldman Sachs, Porsche, as well as a tech fund advised by SoftBank. They're not the first, however; previous investors include Ferrari, Hyundai, and Jaguar. 
Rimac said the new infusion of money from investors will fund the hiring of 700 new employees as well as the opening of new offices in Europe. It will also go toward building the company's new headquarters in Croatia's capital, Zagreb.
This investment is predicted to help the automaker move away from its current image as a small-scale manufacturer of electric hypercars.

Electric hypercars?

Rimac is probably best known for its $2.4 million
Nevera electric hypercar
, which can go from 0-to-60 mph in 1.85 seconds. The Nevera produces 1,914 horsepower and 1,740 lb.-ft. of torque from its four motors which independently drive each wheel. 
The Nevera can reach a top speed of 256 mph, per the automaker's website, and the automaker predicts a maximum range of just over 340 miles from its 120 kw/h battery.
One of the company's test drivers made the news as well, being recorded speeding down a Croatian highway at
144 mph in a 55 mph
zone.
Electric vehicles have been testing peoples' ideas of performance for years. While they used to be considered slow compliance vehicles, automakers have recently been blowing people away by making better use of the near-instant torque and efficiency of electric motors combined with advances in battery technology.
One such model, the
Tesla Model S Plaid
, combines three electric motors to deliver 1,020 horsepower and 1,050 lb.-ft. of torque. And that's at a fraction of the cost of the Nevera; the Model S Plaid starts at $127,590, which is around 5% of the price of a Nevera.

Rimac’s joint venture with Bugatti

Rimac made news previously when it took a controlling interest in luxury supercar maker Bugatti, which saw the combination of the two companies' sports car businesses into a joint venture between Rimac and Porsche.
With the joint venture with Porsche, Bugatti-Rimac will begin producing a series of models for the French luxury automaker, including the 8-cylinder, 1,500-horsepower Bugatti Chiron.
The venture, as
CNBC
reports, would establish Bugatti-Rimac as a hypercar manufacturer, which are basically high-end supercars with ridiculously impressive performance numbers.

Electric car tech for all

Besides its own electric vehicle manufacturing capabilities, this investment is likely going to the company's Rimac Technology subsidiary, which develops and builds high-performance electrified vehicle components for other automakers' vehicles.
It's probably futile to include insurance information on the Rimac Nevera in this write-up (because you'll probably "Nevera" be able to afford it). But if you're looking to insure your current vehicle, then you're in the right place.
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