Sunday, 29 September 2019

Mate Rimac Expects Quick Growth of Rimac Automobili

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.

Wednesday, 18 September 2019

Secret Project Between Hyundai and Mate Rimac to Go Ahead

Whatever car this top secret project between Croatian entrepreneur Mate Rimac and car giant Hyundai is set to produce in the end, the fruit of the cooperation between the two will only be produced in a very limited series.

As Poslovni Dnevnik/VLM writes on the 17th of September, 2019, Hyundai is working on a limited-edition sports car with Mate Rimac, the US-based CarBuzz reported after speaking with the head of research and development at the huge Korean company.

Back in May this year, Hyundai and Kia announced plans to invest an enormous 80 million euros in this Croatian company based in Sveta Nedelja near Zagreb, and in return, they should receive assistance in developing at least two electric vehicles.

Dr. Albert Biermann said it was still too early to talk about the details, but he noted one thingm and that was what has already been mentioned. This top secret project with Mate Rimac will see the end result produced in a very limited series.

He also mentioned that he had recently visited Rimac's headquarters in Croatia and that he was satisfied with their relationship, which he described as very fruitful.

''The level of technology with Rimac is very high. This is in line with our belief that nothing is impossible,'' said Biermann.

According to earlier rumours, the Hyundai and Rimac sports car will be a production version of last year's Genesis Essentia concept, but Biermann did not want to go into details when asked about the matter. He said they set a deadline for presenting the new car and were in no hurry because they wanted to do everything absolutely right.

"I can only tell everyone that they will be pleasantly surprised," Biermann said encouragingly.

CarBuzz also writes that Hyundai is currently working on an RM20 electric race car with Rimac.

Make sure to follow our dedicated business page for much more.

Sunday, 15 September 2019

Mate Rimac: ''We Have 600 Employees, We're Building a New Factory''

Although Croatia's shining star of business, Mate Rimac, has some incredible achievements under his belt, he says that despite all of his barely comprehensible success over the last decade, he still looks at everything as if it were just beginning.

As Poslovni Dnevnik writes on the 15th of September, 2019, more than 500 developers from around the world, as well as some of the most interesting topics from the programming community arrived in Tuhelj in continental Croatia for the Dev Days conference, RTL reports.

Croatian IT experts and innovators, including Croatian entrepreneur Mate Rimac, shared their respective success stories, as well as all of the numerous obstacles they came face to face with on their journey to their end goals.

"We went to work on a car in a country that had never made a car, none of us knew how to make a car. We had no idea what we were doing. We were all making mistakes and that was OK because we were open about it. You slip up, you screw things up, but you also learn something from that. That's important,'' stated Mate Rimac, founder and CEO of the now internationally famous Rimac Automobili when in conversation with RTL Danas (Today).

As previously stated, Mate Rimac's success has been unprecedented. The young boy from Livno, Bosnia and Herzegovina, who was curious about the world turned that curiosity into drive and eventually enormous success, in a very short period of time. Having built super cars that are made right here in Croatia and desired across the globe, Mate Rimac is a living, breathing example that yes, contrary to popular belief, you can succeed in Croatia, if you want it badly enough and are willing to match that desire with hard work.

Continuing to put his past and continued success to the back of his mind and vowing to view things as if he was just beginning obviously keeps this talented entrepreneur grounded in his visions and plans.

"We have to build the company to go from small-scale manufacturers to large-scale production. We're already at 600 employees, we're building a new factory. There are many plans, but we have to put this new car on the market. We have only just started," Rimac told RTL.

Make sure to follow our dedicated business and Made in Croatia page for much more.

Saturday, 14 September 2019

Lessons from Slovakia: Mate Rimac on Croatian Car Industry Potential

September 14, 2019 - Why does Croatia have no car industry to speak of? Is there any potential? That man Mate Rimac thinks so. A look at what is happening in Slovakia. 

The Facebook post which has made me smile the most this month so far came from Mate Rimac. The electric car supremo was celebrating the latest success of his Greyp bike:

The Greyp G6 is the world’s most innovative e-mountainbike. Officially. Designed and made by 70 girls and boys in some little place called Sveta Nedelja in Croatia. Enjoy it all!

I have met Rimac three times and he has always been very complimentary about TCN. The last occasion was at the recent Entrepreneurial Mindset conference in Zagreb, where he was kind enough to come over and say hi to his 'favourite fat Brit'. It does not take long to be in his company until you are infected by his positivity and his almost childlike enthusiasm for what he is doing and achieving. One can only imagine how you process that incredible success in such a short space of time, but young Rimac comes across as very grounded and focused. And he really does wonder at the ability of 70 girls and boys in a small town in Croatia and their ability to design and make the most innovative e-mountainbike in the world. 

As just one of their products... 

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Listening to Rimac speak about his entrepreneurial journey was arguably one of the highlights of the conference for all, but as his very impressive presentation went on, I found myself asking the question - what if we replaced the word 'Rimac Automobili' with 'Republic of Croatia'?

Rimac was working out of a garage as recently as 2010, not an unfair symbol of the Croatian economy right now. With some great ideas, innovation, dedication, persistence and 48 hours a day of hard work, 14 days a week, that garage has been exchanged for something altogether more impressive, as you can see above. Is there a way that the Republic of Croatia could emulate the Rimac trajectory? 

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In just 9 years, that garage has expanded considerably. Is there a component which could be injected into the Croatian economy which could push it in the same direction, if not to the same levels of success, then at least somewhere on the way?

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A country with impressive and achievable goals such as Rimac Automobili has set itself? 

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Because if a tiny company can go from nothing to being a global leader in 9 years, why can a country not follow suit in certain aspects, especially if it has support and open doors. 

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Croatia 2.0. A country looking forward, not back, with defined goals. The Rimac garage of 2010 will see quite an upgrade by 2021.  

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And so began the most thought-provoking part of the Rimac presentation - the lack of a Croatian car industry and the success of neighbouring countries with their automotive industries. 

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 A look at how the automotive industry directly contributes to GDP in neighbouring countries. 

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And it not just the factories which make the cars, but the hundreds (from memory he said 500) of companies in Slovakia which produce parts for those vehicles. Jobs all over the country.  

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A map of the automotive industry in Europe. Guess which country is missing out? Sales for Rimac cars may start at $1 million for Concept_One, but they have produced less than 20 cars in total so far, as far as I am aware.  

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According to Rimac, Slovakia's exports of cars and parts ($22 billion) exceeds Croatia's entire foreign exports ($17.2 billion). 

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Slovakia versus Croatia over time.

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Tiny Slovenia to the west of Croatia, with double Croatia's exports, including $4 billion from the automotive industry. 

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And yet, due to the stunning success of one small company in Sveta Nedelja, the perception of Croatian as a car-producing country is one of global excellence.

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For a boy working out of a garage just a few years ago, Rimac has attracted some pretty awesome investors in his company, including Porsche and Hyundai. And their numbers combined dwarf Croatia's entire GDP. 

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Rimac also looked at the Estonian example, where their digitalisation excellence has transformed the economy and made it a digital and innovation hub. Just putting public administration online has saved the equivalent of 2% of GDP, as we learned in Lessons from Estonia: Farewell Uhljebistan, Welcome to the Future? 

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And like Slovakia, Estonia is outperforming Croatia. in recent years. Both Slovakia and Estonia have seen their economies having to adapt from socialism to capitalism. Their leaps ahead of Croatia have come in the last five years, not the last 25, a recent phenomenon. 

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The car industry for Slovakia, digitalisation and innovation for Estonia. What is Croatia's strategy and route to success?

Prime Minister Andrej Plenkovic FINALLY paid a visit to the Rimac Automobili factory in late June this year. 

"The key to success in the automobile industry is a country's strategy and vision of what it wants to achieve. I believe that now is the right time for Croatia to join the so-called third wave of investments in the car industry because we missed out on that opportunity in the last ten years," said Rimac.

He said that the first investment wave in the car industry caught the Czech Republic, Poland, Hungary and Slovakia, the second caught again Slovakia as well as Romania, while the third one could include Croatia, in which all of his partners were interested as were representatives of Hyundai and Porsche. 

Will anything happen? Can Croatia move out of that 2010 garage and take advantage of the opportunity? Can it work with and build on the success of one small company whose outstanding success has put the Croatian car industry on a global level despite only producing less than 20 cars? If one small company can bring in over 100 million euro of investment from the likes of Porsche and Hyundai, what is the potential for the Republic of Croatia, not only to produce cars, but also starting other businesses to produce the various parts all over the country?

Wouldn't it be nice to have a major electic car production facility in the country which is home to the birthplace of Nikola Tesla, something inspired by the man whose 9-year journey from a car in a garage has made Croatia a global superstar in an industry it did not have a decade ago?

You can watch the Mate Rimac presentation in full below.

For the latest news on Mate Rimac, follow the dedicated TCN page.

 

Thursday, 12 September 2019

Mate Rimac Becomes Member of Croatian Technical Culture Community

When it comes to entrepreneurial ideas, attracting investment and indeed attracting the interest of massive industry like automotive production, there is no better person than Mate Rimac. This innovative man who was created from humble upbringings in Livno, Bosnia and Herzegovina, is without a doubt Croatia's most inspiring success story.

Who better, then, to offer their vast experience and knowledge to the Croatian Technical Culture Community?

As Ivan Tominac/Poslovni Dnevnik writes on the 11th of September, 2019, the newest member of the Croatian Technical Culture Community is the famous innovator and entrepreneur Mate Rimac, the owner of Rimac Automobili, and he will serve as a member of the Supervisory Board within the umbrella organisation.

Thus, with his enormous amount of talent, experience and knowledge, he will support the work of Ivan Vlainić, the president of the community, and the first person who, way back in 2006, as his mentor at the national innovation competition, recognised Mate Rimac's glimmering potential. Rimac will also work to help improve the processes required for project implementation.

"I'm personally making myself available as a consultant and one with real-life experience. I'm sure that together we can make a big leap forward and help people in the whole complex process from the bare idea to the realisation of a project. A valuable idea only makes sense if there's added value and that the product that will also create new jobs. This way, innovation can greatly help the economy and raise people's standards,'' said Mate Rimac, explaining that the aforementioned community has put a very welcome spring back in the step of many young people when it comes to the development of their ideas.

According to Vlainić, Mate Rimac will help develop new programs and projects that will raise the quality of education for children and young people and lifelong education to an even greater level, and he will also play a role in discovering new talent.

"It takes ten years of dedicated work to put an idea into action. With my advice, I can help ensure that innovative solutions in all areas of technical culture reach their much-needed investors," Rimac concluded.

Make sure to follow our dedicated business page for much more.

Monday, 9 September 2019

VIDEO: Rimac's Incredible C_Two Completes First Crash Test Round

Mate Rimac and his company Rimac Automobili are continuing to succeed in placing Croatia somewhere else on the map outside of the sunshine and sea bubble.

With his company having secured investment from the likes of Porsche, drawn the attention of Bugatti, and with him having drawn up a step by step plan to show the Croatian Government just how to actually attract investment and interest from the automotive industry, this unassuming man from Livno, Bosnia and Herzegovina, has become somewhat of a phenomenon. Rightly so.

His super cars, the C_One and C_Two, are admired across the world, and they're made right here in Croatia, in a factory in Sveta Nedelja near Zagreb. Not bad for a country which seems to want to do everything in its power to make it as difficult as possible for budding entrepreneurs, sending them instead abroad with a disdain for red tape to pitch their ideas and make their money.

As Poslovni Dnevnik writes on the 8th of September, 2019, Rimac Automobili has posted a video on the company's YouTube channel in which the safety of the beautiful new C_Two model is tested by the use of a popular crash test.

The video shows the C_Two prototype just before a frontal collision, but also a number of others, so it can be easily concluded that more than one of Rimac's vehicles has been ''sacrificed'' so far.

''Mate always says: This is a marathon, not a sprint race. The C_Two is undergoing a brutal crash test program and hundreds of other tests as part of its global approval. We decided to take you on this journey and show you everything. This is just a little glimpse into the future, stay tuned for more development-related content,'' the comment says in the YouTube video.

Watch the video here:

In an official statement, Rimac Automobili has stated that it will start production in 2020.

Make sure to follow our dedicated Made in Croatia pages for more information on Mate Rimac and his creations, and much more on Croatian companies, entrepreneurs, innovation and products.

Saturday, 7 September 2019

Closer Ties Between Rimac Automobili and Porsche: ''We Believe in Mate''

Croatian entrepreneur Mate Rimac's famed company Rimac Automobili has secured an increase in investment from Porsche, seeing Porsche raise its stake in the company to 15.5 percent.

As Poslovni Dnevnik writes on the 6th of September, 2019, back in June 2018, the giant German sports car maker purchased a 10 percent stake in Rimac Automobili. Increasing Porsche's stake now strengthens their already established partnership.

As Porsche increases the range of its electrified models, the partnership they have with Rimac Automobili will leverage what Rimac's enviable expertise in vehicle electrification, including powertrains, batteries, motors and inverters means in the automotive industry.

"Porsche has been following the positive developments from Rimac for a year," stated Lutz Meschke, Deputy Chairman of the Executive Board and Chief Financial Officer of Porsche AG. "It quickly became apparent to us that Porsche and Rimac could learn a lot from each other. We believe in Mate Rimac and his company, so now we've increased our stake and expanded our collaboration in battery technology."

This Croatian entrepreneur's journey from his garage to incredible global recognition is an inspiring story of success that has been achieved in less than a decade, and in a country like Croatia, which isn't known for being the land of hope and glory for budding entrepreneurs. Today, in partnership with the full spectrum of high-performance car manufacturers, his team of 600 people work alongside him to create some of the fastest and most exciting electric road vehicles in the world.

"One of the most important milestones in our history has been to win Porsche as a partner. The fact that Porsche is now increasing its stake is the best confirmation of our cooperation and the basis for an even closer relationship," said the company's founder and CEO Mate Rimac.

''We're just at the very beginning of our partnership - and our high expectations have already been fulfilled. We have many ideas that we want to bring together in the future. The key is to create a win-win situation for both partners and add value to our end customers by developing exciting electric models.''

Increasing Porsche's stake in Rimac Automobili will contribute to the rapid pace of this company's overall development, which includes a significant increase in the company's production.

In addition to designing, developing and manufacturing advanced technologies for a variety of high-performance car brands, Rimac Automobili is currently completing its C_Two car development ahead of production in 2020.

The car will undergo an intensive testing program as part of type approval for distribution across all of the world's markets.

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

Tuesday, 13 August 2019

Thief Steals Rimac's Greyp Bike Equipped with GPS and Cameras

Imagine being thoughtless enough to be able to steal a state of the art Greyp bike belonging to Mate Rimac's company and actually think you'd gotten away with it?

There are thieves, and then there are thieves. There are two categories of thief, one category is for the likes of the great train robber, and for those who find genius ways of getting into cash machines to remove the contents. The other category is reserved for petty thieves who leave their fingerprints everywhere and decide to commit their crime of choice under the watchful eye of Big Brother.

It seems that a thief of the latter category decided to have a go at stealing one of Rimac's famous Greyp bicycles, apparently entirely unaware that the vehicles are equipped with not only a GPS system, but with cameras, too.

As Poslovni Dnevnik writes on the 12th of August, 2019, Mate Rimac's creation, the Grejp bike, is equipped with GPS and cameras.

''We knew exactly where it was, we even watched a police officer come for him,'' wrote Mate Rimac on his Facebook account, likely amused by the lack of thought involved in this clearly not very seasoned thief's mind.

''The moral of the story: Don't mess with Greyp Bikes,'' Rimac wrote on Facebook, as 24sata reported.

Croatia's top entrepreneur Mate Rimac posted on Facebook that they found the Greyp bike belonging to his company that was stolen a few months ago in Germany.

The Greyp Bikes' bicycle was stolen by a thieves at event in over Germany and they have now been identified and apprehended thanks to the modern technology this Croatian bike boasts.

''The thief stole the G6 at one of the first events we presented it at (in Germany). Now, a few months later, the bike was online again for the first time. Being equipped with GPS and cameras, we knew exactly where it was. We even watched a police officer come for him. The moral of the story: Don't mess with Greyp Bikes,'' Mate Rimac wrote.

Make sure to follow our dedicated lifestyle and Made in Croatia pages for more information on Croatian companies, entrepreneurs, products and services.

Thursday, 8 August 2019

Bugatti Interested in Working with Croatia's Mate Rimac?

As SEEbiz.eu/autonet writes on the 7th of August, 2019, rumours that Bugatti has been interested in developing and launching a crossover have been roaming the auto industry for some time now, but the details have remained left to speculation. Could Croatia's Rimac Automobili play a part in that story?

With that being said, recent information indicates that the Moslheim team is very interested in an electrically powered crossover, and Mate Rimac's one and only Rimac Automobili could be the one to play a significant role in all of this, according to a report from autonet.

At first, it was rumoured that Bugatti would use the Lamborghini's Urus to develop its crossover, but Automobile Magazine reports that the 4.0 bi-turbo V8 is not really what the famed French brand wants. The source said that those responsible for this in Bugatti thought that their new model should have an electric powertrain and instead turned to another VW Group member instead of Lamborghini.

More specifically, Bugatti reportedly contacted Rimac Automobili through Porsche, as ten percent stake in that company is now held by Porsche. Talks have also been held about the possibility of using a 1914-horsepower electric powertrain that fits into Rimac's magnificent Concept_Two.

Still, this is all mere speculation at this point and there is currently no official confirmation from any of the involved parties about these allegations for the time being, but it seems a little unusual for Bugatti to opt for the development and launch of a nearly 2000hp crossover, at least while the Chiron is still very much in production. In addition, it is expected that Bugatti could sell over 600 copies of that model of car, and possibly at a price lower than Chiron's.

Make sure to follow our dedicated business page for much more on the business scene in Croatia. If you're interested in Croatia's entrepreneurs, Croatian products and Croatian companies, follow Made in Croatia.

Thursday, 1 August 2019

Mate Rimac Among 4 Most Successful Young Slavic Entrepreneurs

Mate Rimac is by far Croatia's most popular success story. Rimac, born in Livno, Bosnia and Herzegovina, is a shining star who has faced down the red tape and draconian anti-entrepreneur policies of the outdated Croatian state and managed to succeed beyond his own wildest dreams.

The founder and CEO of the celebrated Rimac Automobili, the factory of which is located in Sveta Nedjelja, just outside Zagreb, has enjoyed large investment from major firms in the automotive industry, including the likes of Porsche. In addition, he has succeeded in drawing the attention of would-be investors in the automotive industry back to Croatia, a country which had previously been almost entirely bypassed because of its infamous and bizarre love for bureaucratic processes and endless, senseless paperwork.

Mate Rimac proposed measures needed to attract the car industry to Croatia to the Croatian Government, who are of course more than ten steps behind this innovative and exceptionally talented entrepreneur, and the hope is that upon acting on Rimac's valuable advice, the days of the need for your mother's birth certificate translated and apostilled and then inspected and stamped by a state employed uhljeb just to be able to start a company will one day be over.

It seems that Mate Rimac is continuing to impress, and on the world stage. As Poslovni Dnevnik writes on the 31st of July, 2019, Rimac Automobili's founder Mate Rimac has found himself rightfully placed on the list of the most successful young entrepreneurs and future billionaires in Eastern Europe by the popular portal Slavorum.

Mate Rimac has thus found himself in the talented company of Branko Milutinović from Serbia, the founder of Nordeus, a mobile gaming development company that is considered one of the fastest growing in all of Europe. In addition to innovation, Milutinović is also known for his humanitarian work throughout Serbia.

In addition, there is Bulgaria's Konstantin Rangelov, and his company Dronamic allows air transport of products up to 350 kilograms in a short period of time.

Last on the list is Rostislav Knap from Poland, who as a great expert in finance and business launched the company CallPage, an online service that monitors user behaviour and activities on websites.

According to Slavorum, the business done by these entrepreneurs is always on the up and they could soon become big global players.

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

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