Tesla rival alert: Croatian hypercar startup Rimac Automobili’s total investments surpass €143.9M in 2018

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Many of us might have realised that one of our favourite modes of transportation is going through an evolution right now. Cars are our primary mode of transportation and they are now being modified for the betterment of our planet. Electric cars are all the rage right now with automobile manufacturers like Porsche, Tesla and others offering new and improved cars that are not only way less impactful on the environment but are also fast and look great. One such hypercar and electric vehicle components company that is breaking the barriers of what’s possible with electric cars is Rimac Automobili. 

The company supplies battery tech and components for the likes of Jaguar, Aston Martin and Koenigsegg, and has also built a couple of hypercars that could quite easily put most traditional supercars to shame. Deloitte has marked Rimac as the third-largest growing company in Europe, Middle East and Africa with an astounding 361 percent growth. The company’s 2018 annual report states that Rimac Automobili’s total investments are 106.7 million kuna or €143.9 million approximately, which is four times more than the year before. Here’s what you need to know about the new Tesla rival.

Kia Motors invests in Rimac 

Rimac has reached a new level of evaluation and recently, Hyundai Motor Company and Kia Motors made a collaborative €80 million growth equity investment in the company. Hyundai Motor will pour in €64 million, while Kia Motors will invest €16 million in the company to form a technical partnership and collaborate on two high-performance electric vehicles by 2020. 

Opening up new sources of revenue

Mate Rimac, company’s founder and CEO, says that about four to five years ago, the company started developing components for small-scale manufacturers. Koenigsegg and Aston Martin are their clients and now, the components being developed are in series production. Last year, the company has been transitioning from prototyping and small-scale production to large-scale production. It is now working on development and production of large series components for companies like Hyundai and Porsche. 

Tesla vs Rimac?

Rimac shows great promise with its notable battery tech that has more emphasis on power output, while batteries created by Tesla aim at delivering a longer range, hence they are denser. While the two companies are working on same aspects, Rimac is making a name for itself in the hypercar space. Just recently, a Koenigsegg Regera equipped with Rimac made gear set a world record by going 0-400kmph and back to 0 in 31.49 seconds. 

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Rimac C_Two

Rimac is currently working on its second hypercar called the Rimac C_Two, which is equipped with a 120 kWh battery pack. A Lithium/Manganese/Nickel chemistry is used on the battery pack that has 6,960 cells and cylindrical 21700 form-factor. Paired with four permanent-magnet motors, it is capable of delivering a whopping 1.4 megawatts (1,914 hp) of power that can help achieve top speeds of 412 kmph.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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Akansha Srivastava

Akansha Srivastava previously served as Silicon Canals' Editor in Chief. A typical tech trend follower. Favourite job: analyzing the global tech industry. A true camera geek, gadget lover and travel enthusiast. You can reach her via [email protected].

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