Business

Mate Rimac Expects Quick Growth of Rimac Automobili

By 29 September 2019

As Bernard Ivezic/Poslovni Dnevnik writes on the 29th of September, 2019, the 2018 annual report states that Mate Rimac's company has increased its investments to an enormous 106.7 million kuna, four times more than the year before. The level of investment offers some of the answers as to why Mate Rimac continues to do so well.

Mate Rimac, founder and CEO of the most famous Croatian startup Rimac Automobili, told Poslovni Dnevnik that he expects that in three to five years, his company will start to grow rapidly in terms of revenue. According to Business Croatia (Poslovna Hrvatska), Mate Rimac's now famous company has increased its revenue a more than impressive 7.5 times in the last five years. Last year, it amounted to 79.8 million kuna.

In addition, this week, the Croatian electric car maker was named the third fastest growing technology company in Europe, the Middle East and Africa by Deloitte, which also noted that it had experienced an increase of an amazing 361 percent.

"It's relatively easy to get on this list once, but this is our fourth year of being on it, which we're proud of, because it shows that we're able to sustain an upward trend in the long run," Rimac stated. He clarified that he also has a long-term strategy.

"Every year, we have significant growth, but our goal is to reach much more significant figures in five years, which is much more important to us than our previous financial results or the results in the next two to three years," Rimac said, adding that this year, his company has seen significant and quick growth.

As previously mentioned, the company's 2018 annual report states that Rimac Automobili has increased its investments to 106.7 million kuna, four times more than the year before.

"The development of a car takes 4-5 years, and just as long ago we started developing components for small-scale manufacturers such as Koenigsegg and Aston Martin, which means that these projects are now in series production," noted Mate Rimac.

He stated that in the past year, they have been transitioning from prototyping and small-scale production to large-scale production and the development and production of large series components for companies like Porsche and Hyundai.

Rimac says there are also more partner companies, but he can't mention them. This is similar to the agreement on cooperation with Pininfarina Cars which was signed off last September. It involves the development of a platform, propulsion components, batteries and other systems, and the job is worth a huge 80 million euros in total.

Make sure to follow our dedicated business and Made in Croatia pages for more information on Mate Rimac and much more.

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