Rimac raises almost $750 million for further EV production

The Rimac Group has secured more than €500 million (AU$743m) for its next round of electric vehicle projects, with the company's value growing to over €2 billion (AU$2.97bn).

The Croatian-based EV manufacturer was able to raise the funds thanks to SoftBank Vision Fund 2 and Goldman Sachs Asset Management, as well as Rimac's shareholders, such as Investindustrial and Porsche.

Porsche has made it clear it wants to benefit from the EV maker's experience, having taken a 45 per cent stake in Bugatti Rimac after relinquishing French hypercar manufacturer Bugatti to the Croatian firm last year, with the Rimac Group holding a 55 per cent stake of the venture.

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It's understood the extra investment will result in a number of new projects with Porsche, Aston Martin and Koenigsegg, although no details have been announced as to what each will entail.

Mate Rimac, founder and the majority shareholder of the company which bears his name, acknowledged Porsche's backing, but said it was important for his brand to do its own thing, with the additional funding being invested directly back into manufacturing.

"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," said Mate Rimac.

"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.

"As we look to rapidly scale the Group, establish new manufacturing processes to meet global automotive demand, recruit 700 talented team members in 2022, open new offices in several locations across Europe and expand our new production facilities at the Campus and beyond, the backing of our expert investors will be an invaluable guide through this uncharted territory."

Earlier this year, Bugatti announced it had sold out its Chiron and Bolide hypercars, effectively ending the internal combustion engine era of the French marque as it's now expected to gain EV technology from Rimac's operations.