Saturday, 14 November 2020

Transparency: Entrepreneur Mate Rimac Reveals Wage, Wages of Employees

November the 14th, 2020 - Croatian entrepreneur Mate Rimac is well known for a multitude of reasons. His desire to push Croatia forward is second only to his success with his remarkable company, Rimac Automobili, and now he can add total transparency to his list - a rare quality among Croatian employers.

As Poslovni Dnevnik writes, the wildly successful entrepreneur Mate Rimac has released a YouTube video in which he is frank and open about the one thing most of us feel uncomfortable discussing - finances.

"I think that in Croatia there's a very strong interest in what Rimac Automobili is doing and what is happening in our country. I also sometimes see that there is a misunderstanding about what we do, how we do it, etc. I think the best way to inform people about that is in a direct way - as as little information as possible is lost.

I took some time and tried to show, in the most transparent way, what, how and why we do what we do. Maybe I’ll make a regular thing of it. I've never seen such ''radical transparency'' anywhere, so I'm really interested in how it will go. Now that I’ve started recording, I can see a lot of things that I should add or do differently - but I’ll do that another time.

Here, grab your popcorn and enjoy,'' wrote Rimac.

"We have a net salary of approximately 10,500 kuna without transport and accommodation, and 11,500 kuna with transport and accommodation included. That's far from something we can all be happy with. We want to be competitive on the international labour market, not just here on the Croatian one, and we want those employee salaries to be as high as possible. Rimac Automobili alone has a gross cost of 14 million kuna per month for salaries. Maybe one interesting thing... seeing as I don't know why it should be hidden, this is my net salary,'' said the very open entrepreneur Mate Rimac, showing a graph which shows that his net salary is just under 35,000 kuna.

If you understand Croatian, can watch his full report on YouTube below:

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Sunday, 1 November 2020

Lessons from Rimac: How Croatia Tourist Board Video Promo is Failing (Analysis)

November 1, 2020 - Lessons from Rimac - and no, it is not on how to build an electric supercar. A look at how official Croatian tourism video promotion is largely ineffective and costly. But doesn't need to be. 

Last summer, a friend sent me a link to one of the most beautiful videos I have seen promoting Croatia - pianist Lola Astanova performing solo on the tip of the famous Zlatni Rat beach in Bol on the island of Brac. 

Perfectly shot, stunningly performed by a beautiful artiste, there are few better videos online to show the magic of the Adriatic.

Take a look for yourself.

The story behind the video has that Lola was in Bol to perform at the WTA Bol Tennis Open. She apparently absolutely loved Croatia and did a lot of free promotion on her Instagram during her stay (with over 4 million views). She was due to record this video in Venice, but she was persuaded by her new friends on Brac to record it on Croatia's most iconic beach instead, and she covered all the costs of shooting and directing the video. 

A fantastic and free promotion of Croatia, generated from an initiative from the private sector. 

Looking at the video statistics over a year later, the video has had 855,333 views, with some 14,000+ likes and 857 comments. Some serious social media engagement. 

"When you have a moment," said my friend, "take a look at the national tourist board videos and their engagement."

It was a comment which stayed with me and went onto the never-ending to-do list of mine - one which I will never completely overcome. 

Music and Croatia's fabulous coast are the perfect combination, something that 2Cellos have used to their advantage on more than one occasion with their fantastic global promotions of their native country. How about this stunner from Dubrovnik back in 2017, for example? More than 42 million views, 532k likes and more than 12,000 comments. promotion which would give even Kings Landing itself a run for its money.  

When I saw this video, I was reminded of my friend's comment to check national tourist board engagement, but it still remained on my to-do list until this week, after watching THAT Mate Rimac video for the second time. 

The Rimac video had EVERYTHING, easily the best promotional video of Croatia I have seen in a long time. Apart from promoting the tourism beauties of the country, its major focus on why Croatia is a great place to work and live is hopefully the start of a discussion to move Croatia's tourism direction on a new path built on safety, authentic experiences, lifestyle, and digital nomads. In just over a week, the Rimac video has had over 125,000 views, 4,900+ likes and over 700 comments, many of which were extremely positive about Croatia.

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I smiled at the end of the video at the slide thanking the national tourist board for use of their footage in the making of the video. Rimac is a smart guy. Why reinvent the wheel (I guess he invents enough of his own in his day job)? If you can get fantastic footage for free, interview a few employees at the office, then throw in some footage of those amazing Rimac cars, the production cost of the video is going to be very affordable. 

It also shows that the stunning footage exists in the official archives. And, as the Rimac production team showed, it is possible to use that footage to create something very engaging and positive, promoting many aspects of life and work in Croatia, as well as tourism - on a budget. Perhaps the Rimac team threw some money to boost the video. I would be surprised if yes, and it certainly got a ton of organic traffic and media space, so there was really no need. 

But really great engagement again. When I saw the national tourist board footage slide at the end of the video, my friend's comment from last year came back into my head, and I decided to finally take a look. 

Having written about the heroes who run the Kingdom of Accidental Tourism for a decade now, there is nothing about their efforts that shocks me anymore. I truly have seen it all. 

Or so I thought. 

For when I looked at the Croatia, Full of Life YouTube channel and compared it to these outstanding examples above, what I discovered was truly staggering. Expecially when one considers what must be at least hundreds of thousands of dollars in social media promotion, in addition to the cost of the videos themselves. Having looked at the channel for 5 minutes, I realised that in order to understand and analyse what I was looking at properly, I would need some industry expert help. I posted such a request on Facebook, and a social media marketing expert from a major Croatian tourism company (who asked not to be named) offered his services, including generating some data on the videos. Thank you,  Sir - you know who you are. 

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(Croatia Full of Life YouTube screenshots above, and more below)

I decided to start at the top. What was the most popular official video of all time? Wow! An impressive 22 MILLION views. Very, very impressive. 

Until I saw the engagement. 

Have you ever come across a video on YouTube with over 20 million views which has just 76 likes and 7 comments (including those of the original poster)?

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Nor had I. The second most popular video of all time. Again, an impressive 12.2 million views, but just 71 likes and just 4 comments (including those of the original poster). 

If a car maker, a pianist and a couple of cellists could get so much engagement and reaction, liking and sharing of their videos, how was it possible that the Croatian National Tourist Board was getting so little love for its videos? As Rimac had proved, they had the material, and he had shown how to use it. My new online data analyst friend offered to run a report on the 12 most popular videos of all time on the official national tourist board channel. Here is what he found.

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Pageviews - seriously impressive  But engagement? Only one of the 12 most popular videos in terms of views with more than 80 likes? And a total of just 32 comments over 12 videos and over 120 million views?

And you don't have to make the world's fastest electric car or be the most famous cello duo in the world to get engagement. Here is my little contribution on Hvar 5 years ago, when I managed to persuade a couple of YouTubers to go for a swim in Gariful's underfloor aquarium, complete with baby shark as part of a report they did on a visit to Croatia's premier island. Some 4.5 million organic views later, it is now the most popular video about Hvar on YouTube, with engagement of 92,000 likes and more than 5,000 comments. I personally have answered at least 10 emails from tourists on Hvar asking me where to find the restaurant so they can go for lunch. 

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This screenshot from the official YouTube channel gives us some clues. The same video, posted in numerous languages 8 months ago. The German version, posted twice, has 274,000 views in total, while the Italian one was just viewed 109 times, and the French one a lamentable 61 times. The only explanation, my data expert said, is that the German version had been heavily promoted through a paid campaign, while the Italian and French versions were examples of how the organic traffic looked. Not quite the same as Rimac or Lola.

Indeed, of the 43 videos posted in 2020, over a third (15 of them) have less than 1,500 views. This despite the channel having almost 19,000 subscribers.

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Time for another report, said my new friend. In 2020, the national tourist board has apparently posted a total of 43 videos (actually not 43 unique videos, as several have gone out in different languages - each video in a new language is counted as one). And here is a summary on engagement compared to Lola on Brac, 2Cellos in Dubrovnik and Rimac in Sveta Nedelja. Almost 30 million views over 43 videos, which sounds ok until we examine just how much of that is paid promotion below, just 1650 likes over 43 videos (even after paid promotion) - the one Rimac video is already three times higher than all 43 official videos combined as it now approaches 5,000 likes. 

And ZERO comments. How can that be possible?

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Quite simple, if the comments are turned off. I don't know much about online promotion, but if you pay to get people to watch a video to then engage, where is the logic in blocking people from doing that by not allowing comments? Perhaps to mask the embarrassment of lack of comments when they were switched on - see above with a total of 32 comments for the top 12 videos of all time. 

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Even more curious is the wasted opportunity of using the description to provide a call to action, a chance to engage further. Take this example from a Croatian tourist board video in Polish with over 1.4 million views, but just 17 likes, no comments possible, and no link for further information. 

Now look at this example of how someone in the private sector does it:

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This is how Rimac promotes not only his video, but also his company. He guides people through the video with a helpful timeline. But look at the other options to engage further, with a range of calls to action. 

It really is not that difficult, especially as I understand that all this work is outsourced by the national tourist board to a third party. After all there are only 70-80 people working fulltime at head office, so who could possibly have the time to take on such a task?

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Interestingly, given that the national tourist board has a policy of not promoting any material from private businesses, the Rimac video was shared on official channels 6 days after it first appeared online. Great stuff, and I hope this is the start in a change of policy. I had to smile to compare the level of engagement on the official national tourist board social media of the Rimac video and then compare it to the engagement to its own record-breaking video with 22 million views. 

So how many likes SHOULD a good video get to indicate how well it is received by its audience? A quick Google search, as well as a question to my new friend, came to roughly the same conclusion:

Like to View Ratio Although likes aren’t taken into consideration when it comes to monetizing your video, it doesn’t mean they aren’t important. Likes will determine your popularity. On average, YouTubers should expect a 4% like to view ratio. That means they should be getting at least 4 likes for every one hundred views. Likes are usually given by people who find your video informative and engaging. If your videos are not getting a high enough like to view ratio, consider an alternate approach.

So Croatia's most popular official video with its 22 million views should then have almost 1 million likes if it was hitting the mark. 

It has just 76. 

If your videos are not getting a high enough like to view ratio, consider an alternate approach.

So how much is all this costing in terms of promotion, to boost these videos that nobody is engaging with?

A Google search reveals a number of prices per view, but my friend suggested a more conservative number of between $0.01 and $0.03 per view. For the sake of this article, let's stick to the conservative end of that (while acknowledging that the amount could be three times higher, or more), so $1 per 100 views. 

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Given the lack of engagement and the French and Italian examples above, it is fair to assume that almost all of the traffic is therefore boosted by a paid campaign. Looking at 2020 alone, my friend came up with this. Almost 30 million views so far this year. If the price is $0.01 per view, then that equates to $300,000. If the amount is $0.03 per view, however... 

And this, of course, is just the cost to Google. Add a nice fee to the agency doing the work, and let's not forget the costs of actually producing the material. 

And for what end result? A product nobody engages with, with restricted chance to engage via comments and no call to action to find out more information (not in every video, but in the vast majority I checked). 

There is another tool of measurement I was unaware of - the cost of engagement. How much should it cost for a successful campaign of engagement?

Cost Per Engagement can mean too many things to many people, so there isn't really enough data that is comparable to average out. It's usually not much, however. According to Quora it can be about $2, and according to Reddit, you can pay around $0.01.

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A lot more than $2.  As a huge disclaimer, these are suggested numbers based on the expert analysis I was given. I invite the Croatian National Tourist Board to transparently publish the amounts spent on these promotions, as well as their interpretation of the results. There are always two sides to every story. Well, almost always. 

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By way of comparison, IF Rimac, 2Cellos and Lola were just promoting their videos with paid similar paid promotion (Lola's management has confirmed all views and engagements are organic, so her cost of engagement is $0), it would compare like this, above. Well within the recommended amount, so they are clearly doing things right. The engagement cost is actually much lower, or even zero (as in Lola's case at least) due to the huge organic traffic. 

So somewhere between $0.01 and $2 then is average. My data friend told me that the calculation as he sent me the above report - page views x 0.01/likes, dislikes, shares and comments. And this price of $169.82 is assuming a conservative ad price of $0.01. If it was $0.03, for example, then the number would be over $500 per engagement.

So what have we learned from all this? And is our tourism promotion money being used effectively?

Lessons from Rimac - we have the material, we need creativity to get the message out effectively (actually let's take a step back, we have to figure out what our message is - the golden era of accidental tourism is coming to an end), calls to action and engagement work. 

We also have the experts in the private sector who can take tourism promotion to the next level for a fraction of the cost of the cash being thrown wastefully at the moment. 

Let's use them. 

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Sunday, 25 October 2020

Mate Rimac Video Promotes Working and Living in Croatia: Safety and Lifestyle

October 25, 2020 - Is it time to hire Croatia's electric car pioneer as a tourism consultant? Great Mate Rimac video promoting like and work in Croatia through the eyes of his employees from 35 countries. 

One of the great success stories in Croatia in these troubled economic times is undoubtedly the stunning rise of Mate Rimac and his Rimac Automobili company based in Sveta Nedelja, just outside Zagreb. A one-man company 12 years ago, today Rimac employs over 850 people from 35 countries, and his investors include some of the big names in the global car industry, such as Porsche and Hyundai. The location of his company, in Sveta Nedelja, just outside Zagreb, has possibly played a small role in the happy story - this week it was named as the best medium-sized town in Croatia for the third year in a row, as well as one of the top 5 towns in the country for quality of life

Working and living in Croatia. Rimac has been courted by numerous offers to move his operations to other countries, but he has always resisted. As he explains in the video, he really likes the Croatian lifestyle and living here, and he wanted to prove that one can succeed here in Croatia. 

And yesterday, his company's YouTube channel released a video featuring Rimac and many of the international staff that have moved to Croatia, which he introduced on his Facebook page as follows: 

"They said it can't be done in Croatia. Yet here we are. There are so many things I am proud of right in this video. Many of which very few people will notice. Stuff like this keeps me giving (more than) 100%."

The message of the video is excellent, at least in my opinion. Croatia, Your Safe, Authentic, Lifestyle destination is a slogan and direction we should be moving towards in our tourism thinking, and the way that so many people take for granted here what foreigners see as key selling points, are once again in evidence (this happens the world over, not just in Croatia, where a view from outside often offers a different perspective). The South African Rimac employee, for example, who was stunned to see two 16-year-old girls walking home alone at 2am in Zagreb. That simply would not happen back home. 

As one would expect with a Rimac product, it is beautifully produced, and it combines traditional tourism classic shots with a comprehensive overview of why Croatia is a great place to work and live through his eyes and a number of his international team. 

Great stuff, mose please...  

Croatia might not be the first place you would think of as home to a company designing, engineering, and manufacturing electric hypercars and high-performance EV technology. Nevertheless, we're proudly growing a real innovation and engineering hub in Sveta Nedelja, on the outskirts of Zagreb. Rimac family is 850-people strong and counting. Our employees come from more than 35 different countries! Knowing that moving out here is a bold decision, we've asked a few of them how they find life and work here. Here's hoping you fall in love with Croatia as much as we did, and join us here:

00:12 Why is Rimac based in Croatia

01:39 Overview and location

02:08 What Croatia offers

02:51 Language

03:31 Food culture

04:10 Prices and standard of living

04:40 Mindset

05:07 Getting here: documentation

05:40 Finding a job for your partner

05:46 Accommodation and commuting

06:47 Croatian culture

07:12 Croatian women

07:33 Safety

08:25 Christmas market in Zagreb

09:12 Traveling and activities in Croatia

10:18 Working in Rimac

12:36 Growing startup culture

For the latest news from Mate Rimac, follow the dedicated TCN section.  

Friday, 16 October 2020

Puma Football Boots Draw Inspiration from Croatian Rimac Automobili

October the 16th, 2020 - When it comes to successful Croatian companies, Rimac Automobili is undoubtedly the first one that comes to people's minds. It isn't only the likes of Porsche and others from the world of cars that Mate Rimac's company is impressing as the new Puma football boots draw their inspiration from this very company.

As Poslovni Dnevnik writes on the 15th of October, 2020, the French national team player Antoine Griezmann did his thing at Maksimir in Zagreb recently wearing the new Puma football boots, and the inspiration for the new boots was no less than the Croatian company Rimac Automobili, but it's important to point out that the Croatian company wasn't in any way actually involved in the designing of the new Pula football boots, it was merely the source of inspiration for them.

''Mate Rimac and Rimac Automobili didn't participate in the design and creation of the ''Ultra SL football boot'', which was worn for the first time on Wednesday at Maksimir Stadium by Antoine Griezmann,'' it is claimed and reported by the media.

Puma did the whole job itsself, they just found ''inspiration'' in this remarkable Croatian company, it’s otherwise entirely their design and their whole philosophy.

Puma made it clear once this story reached the attention of the Croatian media that the sports company didn't ‘borrow’ technology or anything else from Croatia or more specifically from Rimac Automobili.

''As far as our company is concerned, we don't want to make a fuss and inflate a big story,'' said Marta Longin, head of Marketing and Communications at Rimac Automobili.

Regardless, it is amazing to see that Rimac Automobili is succeeding in impressing companies from around the world who don't necessarily have anything to do with the automotive field.

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Wednesday, 14 October 2020

PM Plenković and Mate Rimac Discuss Electric Vehicles Industry in Croatia

October 14, 2020 – Croatian Prime Minister Andrej Plenković met with Mate Rimac, founder and CEO of Rimac Automobili company. At the meeting, the potential of the electric vehicles industry in Croatia was discussed.

As stated in the announcement of the Government of the Republic of Croatia, the investments planned by Rimac Automobili have a broader context for the development of local and national transport, as well as educational and research and development infrastructure.

Prime Minister Andrej Plenković expressed his support for the development initiatives and investments of the company Rimac Automobili and announced institutional support to all investors who develop and apply the latest technologies in Croatia.

They also discussed projects that could be included in the list of projects for funding from upcoming assistance programs, including the EU Recovery and Resilience Fund and the new EU Multiannual Financial Framework.

Mate Rimac also presented the planned construction of the Campus, which will include the company's headquarters, modern research and development facilities, a smart factory of high-tech components and electric cars, and additional accompanying facilities. The investment in the Campus project will enable the realization of an increasing number of projects that the company is engaged in, as well as the serial production, and it is planned to create a total of 2,300 workplaces for highly educated professionals.

Furthermore, the company plans to build a Center for Testing Technology and Components for Electric Vehicles, which is necessary to meet the growing demand for the company's services and expand services to test battery systems, propulsion systems, and environmental friendliness of such systems.

Along with Plenković and Rimac, the Minister of Economy and Sustainable Development Tomislav Ćorić, Minister of Physical Planning, Construction and State Property Darko Horvat, and Minister of Regional Development and EU Funds Nataša Tramišak were also present at the meeting.

 

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Friday, 18 September 2020

Unleash the Croatian Entrepreneur & Follow Infobip, Rimac, Nanobit, Infinum

September 18, 2020 - The recent successes of Infobit, Riimac Automobili, Nanobit and Infinum show the potential of the Croatian private sector. Time to unleash the Croatian entrepreneur?

Even though we have only physically met once, one of my favourite people to follow on social media in Croatia is serial entrepreneur Andrija Colak. Co-founder of Croatia's most successful franchise (Surf'n'Fries - now in 5 continents), as well as the innovative smart umbrella, Kisha (which he cheekily sent to President Putin after the World Cup Final to avoid any presidents or prime ministers getting wet due to unexpected rainfall in the future), Andrija kindly agreed to a TCN interview last year in which I asked him about the positive aspects of doing business in Croatia:

In terms of positives... well if you are up for an adventure you have come to the right place :-) Or... if you really want to test your concept and it survives in Croatia, you can conquer the world! hahah! Actually, I'm not joking.

Successful entrepreneurs here tell me that they have succeeded here not because of Croatia, but DESPITE Croatia. So many others have given up with the bureaucracy, high taxes and nepotism, take their concepts abroad and succeed there. 

But some decide to stay and try their luck here - after all, you cannot beat the Croatian lifestyle. 

I sometimes feel that I live in two countries in Croatia. The first Croatia is the same one which is familiar to all its residents, with the worsening economic situation, polarising politics, constant complaining, corruption, and negative mindset. No wonder people are emigrating. 

But the other Croatia is a totally different place, one where only positivity exists, and where I have decided to spend an increasing amount of my time and energy.

The Croatia of the Croatian entrepreneur. 

Despite the obstacles and the negative stigma attached to entrepreneurs in Croatia, these forward-thinking individuals are quietly achieving miracles DESPITE Croatia. One only wonders what could be achieved with the system supporting their efforts. Two stunning announcements in the last 24 hours are the latest in a series of great news from the Croatian entrepreneurial world, and they give a glimpse of what Croatia 2.0 can deliver to this country. And the thousands of jobs that have been created as a direct result of the business ideas of just a few individuals in a country which is in economic crisis is quite staggering. Indeed Rimac Automobili announced last week that it has hired an additional 150 workers during the pandemic, as tens of millions of jobs were being lost worldwide. Just over a decade ago, Rimac was one man in a garage. Today, the company is closing in on 1,000 employees.  

Here are just four things that have happened in the last few weeks, the first two in the last 24 hours (all are links to TCN articles with full details. 

Swedish Gaming Giant Takes Over Zagreb Company Nanobit for Almost One Billion Kuna

Car Magazine: Rimac Automobili to Takeover Bugatti

Infobip: Croatian Company Raises 200 Million US Dollars for Investment

Porsche Digital Croatia Plans to Employ 100 Experts in Next 3 Years in Infinum Partnership

The eco-system of Croatian entrepreneurial excellence is growing, and I come across this excellence daily in my second Croatia. A meeting last week at Human, for example, who earlier this year beat Google at the prestigious Webby awards, considered the Oscars of the industry. In December I was in Berlin to se Bagatin Clinic collect the award for best international cosmetic surgery clinic 2019. And one only has to spend a short time with Nenad and Rujana Bakic and their STEM revolution and exciting partnership with Google.org to know that the seeds of the future are being sown extremely well. 

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Fresh from his successful initiative to introduce the digital nomad visa to Croatia, which has the potential to make a significant contribution to Croatia's economic numbers, Dutchman Jan de Jong and partner Jerko Trgolic are turning their attention to agriculture, with an initial project to grow tomatoes in northern Croatia, using Dutch technology and Croatian land and labour. The first phase will create 72 jobs in an economically depressed part of northern Croatia.

So many seeds, some of which have blossomed such as Rimac, Nanobit and Infobip, and SO many more that could do the same if they were getting the support they deserve rather than punishing taxation and bureaucracy. I have no idea how many jobs Rimac, Infobit, Nanobit and Infinum have created alone, but it is in the thousands. Imagine if the system was conducive to allowing other such ideas and concepts grow in Croatia - how many more tens and hundreds of thousands of jobs would be created? 

Last year, I met an American consultant for the medical tourism industry at a conference in Zagreb, and we talked about what needed to happen for this Croatian industry to progress (an industry with huge - here I go saying the hated 'P' word again - potential). He told me that the role of government was to provide the legislative framework for the industry to thrive, perhaps bring some financing, but most importantly, then get the hell out of the way

For many years, I bought into the story that Croatia was an economic basket case, with no prospects for employment, and that the emigration was inevitable. But in this second Croatia, the world of the Croatian entrepreneur, the situation is completely different, and the opportunity is there, even more so if we can unleash the Croatian entrepreneur to fulfil his or her true potential. 

And we have a very good precedent of how quickly and effectively change can be introduced. An open letter to the Prime Minister from a Dutchman on LinkedIn on July 11 asking for the introduction of a digital nomad visa started a process which resulted with the prime minister tweeting his plans to introduce the visa just 44 days later, with an amendment to the Foreigner's Act introduced to Parliament the following day. Things are moving smoothly behind the scenes, and my understanding is that this legislation should be in place by January 1. 

Croatia a bureaucratic country? It clearly doesn't have to be. 

Unleash the Croatian entrepreneur, and watch many more seeds like Rimac, Nanobit and Infobip start to bloom all over the country. 

Learn more about foreign entrepreneurs making a success of life in Croatia

Thursday, 17 September 2020

Car Magazine: Rimac Automobili to Takeover Bugatti

September 17, 2020 - Car Magazine dropped a bomb on Thursday - Mate Rimac and Rimac Automobili to takeover Bugatti from Volkswagen.

According to information obtained by Car Magazine, Index.hr reports that the Volkswagen Group has decided to leave its brand of prestigious hypercars Bugatti to Rimac Automobili, which has long been world-famous for electric cars of exceptional performance, but also for the development of electric drive technology and components for large and well-known companies such as Aston Martin, Koenigsegg, Hyundai and the like.

Car Magazine states that Rimac would take over Bugatti in exchange for a larger stake in Volkswagen in Rimac Automobili. Under Volkswagen is also Porsche, which has already invested considerable money in Rimac Automobili. Namely, in 2018, Porsche bought a 10% stake in Rimac Automobili, and a year later, it bought another 5.5%. This put Porsche in good company, as Hyundai, Jaguar, Koenigsegg and Magna are among the investors in Rimac Automobili.

Car Magazine writes that such a transaction would never have been approved under the leadership of former Volkswagen leader Ferdinand Piech. They state that Bugatti was his "favorite toy" in the collection of companies to which Piech added well-known brands such as Bentley and Lamborghini. But Piech left Volkswagen in 2015 and died four years after that.

Unofficial sources cited by Car Magazine claim that Volkswagen's executives approved the transaction last week and that the final approval of the supervisory board is still pending.

Although not all the details are known, it seems that part of Bugatti will still remain under Volkswagen's control, especially since Porsche, as part of the Volkswagen Group, also has a 15.5 percent stake in Rimac Automobili. In addition, it is announced that Porsche should soon take a larger stake in Rimac Automobili.

Car Magazine states that the Volkswagen Group no longer wants to spend big money and workers on "hobby brands" taken over by the former head of the group. Instead, all resources must be directed to a major investment program that addresses the future of the automotive industry - electrification, digitization and autonomous driving.

But how can VW sever its ties with Bugatti without losing the support of other members of the Piech family, who control a 50 percent stake in the Volkswagen Group? The answer is simple, writes Car Magazine: By putting their favorite brand, Porsche, at the heart of this transaction, they would work for the mutual benefit of all parties involved.

Volkswagen has so far declined to comment on this information. Bugatti told the portal Carscoops that they have no comments on the story, either.

Rimac Automobili spokeswoman Marta Longin told Index only briefly: "We can't comment on speculation."

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Friday, 11 September 2020

Mate Rimac Discusses Croatian Economic Situation, Porsche, Infinum...

Croatia is attracting more foreign investments despite the economic woes caused by the ongoing coronavirus pandemic which has taken the world by storm. Mate Rimac, Croatia's most beloved entrepreneur has discussed the Croatian economic situation, the Croatian company Infinum, Porsche's latest dip into the waters of business in Croatia and more.

As Novac/Bernard Ivezic writes on the 10th of September, 2020, the question is whether or not the Croatian economic situation, at least in regard to high-tech, is turning into the type that can be found in the famous Silicon Valley. if you were to ask Mate Rimac, the founder and director of Rimac Automobil, then this is exactly the case.

Mate Rimac told Jutarnji list that he is delighted that Infinum and Porsche have realised a joint venture in Croatia, their planned R&D centre for software development for the automotive industry, in which they will invest 10 million euros and employ 100 experts in three years.

"I often talk to the management of Porsche about how to increase their presence in Croatia. Infinum is an extremely high-quality company with a leadership that plays in the world's first league and I'm very glad that the initial idea of ​​connecting Infinum and Porsche bore fruit," said Rimac.

Tomislav Car, co-founder and director of Infinum, the largest Croatian manufacturer of mobile applications, praised Mate Rimac on Tuesday, because their investment was made because of him.

"Thanks to Mate Rimac's company, Porsche has recognised Croatia as a good opportunity to invest in high-tech R&D projects," Car emphasised.

Rimac emphasised that the Silicon Valley is such a good place for business precisely because people help each other out. He recalled the time when Porsche invested in a Croatian technology company a couple of years ago, it sounded unreal. Could the Croatian economic situation ever provide for such an atmosphere? One can hope.

"This is Porsche's second significant investment in Croatia, but it certainly isn't the last. I hope that together with other technology companies in Croatia we'll manage to create a strong ecosystem that will grow exponentially by supporting each other," concluded Mate Rimac.

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Thursday, 27 August 2020

Formula 1 Legend Nico Rosberg Buys Rimac C_2 Hypercar (VIDEO)

August 27, 2020 - Formula 1 champion Nico Rosberg has purchased the car to test his speed skills to the maximum - the Rimac C_2.

Croatia does not produce many cars, but the ones they do produce are pretty special, world-class even. Thanks to the pioneering efforts of Mate Rimac and the team from Rimac Automobili, whose company essentially is the Croatian car industry, Croatian automotive excellence in globally famous. 

The Rimac magic has attracted significant investment from major players in the automotive industry, including Porsche and Hyundai, and some of its buyers are no less high-profile. 

Another big PR win for the Sveta Nedelja company, as Formula 1 champion Nico Rosberg announced that he has become the latest member of the Rimac family, purchasing the company's prestigious C_2. 

As Rosberg explained in his YouTube video on the subject, the Croatian C_2 edged it over the Ferrari SF90 Stradale, Aston Martin Valhalla and Koenigsegg Regera:

Here's what you've been waiting for – it’s been such a difficult decision! What do you think of my choice....how would you have decided and why? Subscribe to my channel so you don’t miss the customisation: https://bit.ly/NicoRosbergYT

Watch till the very end for an exclusive preview of what’s coming next….It’s been super tight between the Ferrari SF90 Stradale, Rimac Concept Two, Aston Martin Valhalla and Koenigsegg Regera! But in the end I’m super happy with my choice. You can be really looking forward to some Hypercar videos in the next few weeks. Of course, you’ll be part of the next steps: Customising my new hypercar and some driving action!

Mate Rimac was also clearly delighted with the deal, posting on social media:

The greatest feeling is to make products that make a difference and our customers happy. To have such an amazing guy as Nico Rosberg (Formula 1 World Champion) as a customer and future owner of a C_Two is just mind blowing. Nico has just visited us a couple of days ago to have a factory tour, configure his car and have a first proper test drive. Stay tuned for more really exciting stuff!

For the latest in the Rimac Automobili story, follow the dedicated TCN section

Friday, 24 July 2020

Former Tesla Engineering Vice President Joins Mate Rimac's Team

As Poslovni Dnevnik writes on the 23rd of July, 2020, Rimac Automobili has appointed Chris Porritt, former chief engineer at Aston Martin, vice president of engineering at Tesla and head of Apple's special projects group, and chief technology officer (CTO). Chris will report directly to founder and CEO Mate Rimac, with a focus on future projects within the company.

Over a career spanning more than three decades, Chris has overseen the development of a range of sports and electric vehicles. During his sixteen years at Aston Martin, he was chief engineer for the limited production of the One-77 and V12 Vantage Zagato hypercars. In 2013, Porritt moved to California where he became vice president of engineering at Tesla, and then moved to Apple where he had a leading role in a group for special projects to develop new products. In addition to his professional career, Chris spends his weekends and free time constructing and racing his own vintage race cars. His experience in the development of luxury supercars at Aston Martin, and electric cars at Tesla that have reshaped the entire industry and enthusiasm for race cars make him the perfect addition to Mate Rimac's talented team.

Mate Rimac, founder and CEO of Rimac Automobile, stated: ''We've started a journey in a country that isn't known for car development. We learned a lot through trial and error as it was difficult to attract people from other countries, which made the whole process challenging but also exciting. I can’t imagine what our journey would be like and how far we'd have come by now if we had Chris from the very beginning. I was worried that people with a lot of experience in the industry wouldn't suit our culture and company spirit. However, as an absolute car lover, who likes to get involved in creating new projects, Chris fit in right from the start. We share the same way of thinking: we want to develop cars that raise the bar, and that are fun and high quality. I can't wait for the results we'll achieve together.''

Chris Porritt, Chief Technology Officer of Rimac Automobiles, stated: ''The opportunity to join Rimac Automobili is the dream of every engineer. Since almost every key component is constructed and designed at Rimac itself, we have real freedom to create something that is completely different from anything else previously developed in the world of super sports cars. Rimac is the perfect place to make good use of my combined experience gained in the development of supercars working for Aston Martin and with electric cars in California. What the team has achieved so far with the development of the C_Two car is phenomenal and I look forward to helping them develop future products that will push the boundaries.''

This year is a key period for the presentation of the latest all-electric Rimac car, codenamed C_Two, as prototypes are continuously constructed, used and tested for the purpose of global homologation. Starting in 2021, 150 examples of Mate Rimac's brand new car will be constructed manually on the new production line in Veliko Trgovišće. All of the major systems and components for the C_Two were developed and built within Rimac Automobili itself.

Mate Rimac's C_Two will reach a speed of 0-100 km/h in less than just two seconds and a top speed of 258 mp/h in its final production form. These values ​​were achieved by developing the original C_Two concept and then with later prototypes. In parallel with the development of the C_Two car, Rimac Automobili's business continued to grow, as evidenced by the increase in Porsche's ownership stake in the business to 15.5 percent, while the Hyundai Motor Group invested 80 million euros in the business. The latter announcements join a long list of Mate Rimac’s earlier partners, including Koenigsegg, Automobile Pininfarina and Aston Martin.

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