NATO Albania Summit Faces Uncertainty as Trump, Defense Spending Concerns Loom 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Oil Prices Slip as U.S.-Iran Peace Talks and Strait of Hormuz Risks Keep Markets on Edge 
Trump Suspends Some Morocco Fertilizer Tariffs to Ease U.S. Supply Shortage 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Nike Q4 Earnings Beat Estimates as Wholesale Growth Offsets Direct Sales Weakness 
Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Argentina Economy Shrinks 1.5% in April, Recovery Under Milei Loses Momentum 
Super Micro Shares Slide After Taiwan Raids Over Alleged Nvidia AI Chip Smuggling Probe 
Yen Falls to 40-Year Low as Markets Watch Japan Intervention and U.S. Jobs Report 
Europe Heatwave Creates Growth Opportunity for Carrier, Trane, and Johnson Controls, Citi Says 
Momenta Launches Hong Kong IPO to Raise Up to $751 Million for AI and Robotaxi Expansion 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Apple Challenges India Antitrust Probe, Says CCI Copied Rivals’ Claims in App Store Case 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
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.”
