VOW Volkswagen AG

   By William Boston 
 

BERLIN--Porsche AG has raised its stake in Rimac Automobili, a Croatian electric sports car startup, to 15.5% in a move to intensify its efforts to develop high-performance electric cars, according to the companies.

Porsche initially acquired around 10% of the company founded by Croatian engineer Mate Rimac, which has focused on developing ultra-fast electric sports cars that can accelerate to more than 400 kilometers an hour (249 mph), making its cars among the fastest electric vehicles ever made.

The companies did not disclose financial terms of the deal.

"We quickly realized that Porsche and Rimac can learn a lot from each other," Porsche Chief Finance Officer Lutz Meschke said in a statement. "We believe in what Mate Rimac and his company have to offer, which is why we have now increased our stake and intend to intensify our collaboration in the field of battery technology."

Rimac's technology will serve as a basis for future development of Porsche sports cars, but is not included in the Porsche Taycan, the company's first fully electric sedan that was officially launched this week and was developed before Porsche began working with Rimac.

Electric sports cars are gaining support from traditional sports car fans because of their unique performance. Electric motors can deliver maximum torque more quickly than internal combustion engines can, offering electric cars faster acceleration than most conventionally powered rivals.

Rimac caught the attention of the industry when it unveiled its 1.7 million-euro ($1.9 million) "Concept Two" model at the Geneva Motor Show last year, an electric sports car with close to 2,000 horsepower, a claimed top speed of 412 km/h and range of 650 km (403 miles) on a single charge. Porsche said the C Two battery can be recharged to 80% capacity within 30 minutes.

Rimac also produces a range of components for electric sports cars.

Write to William Boston at william.boston@wsj.com

(END) Dow Jones Newswires

September 06, 2019 06:06 ET (10:06 GMT)

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