Bank of England Set to Hold Interest Rates as Inflation Risks and Iran War Impact Loom 
U.S. Sanctions Target Chinese Refinery Over Iranian Oil Purchases 
Brazil Pension Fund Crackdown After Banco Master Collapse Raises Investment Concerns 
Advantest Stock Falls on Weak Outlook Despite Strong AI-Driven Results 
OpenAI Faces Revenue Pressure and User Growth Challenges Ahead of IPO 
Sun Pharma to Acquire Organon in $11.75 Billion Deal to Boost Global Women’s Health Portfolio 
Kia Cuts EV Prices in Europe as Chinese Carmakers Intensify Competition 
Asian Stock Markets Rally as Japan and South Korea Hit Record Highs Amid Oil Price Concerns 
European Stocks Slip as U.S.-Iran Tensions and Earnings Season Weigh on Markets 
Iran Proposes Strait of Hormuz Reopening Deal Amid Stalled U.S. Talks 
Micro Systemation Reports Q1 Loss Amid Strategic Investments and Revenue Growth 
Asian Currencies Rise Ahead of BOJ and Fed Meetings as Dollar Softens 
Dollar Holds Firm as Middle East Tensions and Central Bank Decisions Keep Markets on Edge 
BOJ Holds Interest Rates at 0.75% as Policymakers Signal Growing Inflation Concerns 
SMC Corp Stock Surges as Palliser Capital Pushes for Major Share Buyback 
Nippon Express Stock Jumps as Elliott Investment Signals Strong Foreign Interest in Japan Logistics Sector 
Lightelligence IPO Soars Over 400% in Hong Kong Debut Amid Rising AI Investment Demand 
Rimac Automobili, a Croatian car manufacturer headquartered in Sveta Nedelja, Croatia, that develops and produces electric sports cars, announced on Wednesday, June 1, that it was able to secure new funds and raised €500 million, which is around $537 million in US dollars.
The EV supercar maker said that investors that participated in its latest investment round include Porsche, Goldman Sachs Asset Management, Softbank Vision Fund, and other existing shareholders. According to CNBC, this new funding round pushed Rimac’s value to more than €2 billion.
With the new funds, the carmaker is expected to scale up its plan to turn away from its origins as a small-scale company of high-caliber electric sports cars. It will also continue to make its Nevera car model, which has a price tag of $2.4 million, through a joint venture with Porsche. Rimac Automobili will also push forward with the creation of new model units for the Bugatti brand line of luxury hyper sports cars.
It was last year when Rimac agreed to buy a controlling stake in Bugatti, which has long been part of Germany’s Volkswagen Group. Under the agreement, Rimac and Bugatti merged their sports car businesses in a joint venture between the former and Porsche, a VW subsidiary. Rimac holds a 55% stake in the JV.
In any case, Rimac stated that most of the funds that it has recently gathered in the investment round would be used on its Rimac Technology subsidiary, a unit that develops and produces components for high-performance electric and hybrid automobiles manufactured by big rival car brands. It was reported that Rimac Technology already has an impressive list of big-name clients such as Mercedes-Benz, Renault, Hyundai, Ferrari, Porsche, and Jaguar.
Meanwhile, as Rimac Automobili is intending to expand, it will also be opening new facilities and offices in Europe. Its new headquarters in Croatia’s capital is currently under construction, and this facility is said to have a manufacturing space, a warehouse, laboratories, and offices. This is expected to be completed in 2023, and the company will hire around 700 new employees.
“Rimac has ambitious growth plans in the next few years, and we are humbled by the support of significant new investors like SoftBank Vision Fund 2 and Goldman Sachs Asset Management believing in our vision, Rimac’s chief executive officer, Mate Rimac, said in a press release. “Our gratitude also goes to Porsche and InvestIndustrial who have played an important part in our success so far and reinforced their support with new investment.”
