Monday, 3 January 2022

Rimac Offering €1000 to Anyone Who Recommends Someone He Employs

January the 3rd, 2022 - Mate Rimac is Croatia's shining star when it comes to entrepreneurship, having shown that anything is possible in Croatia, despite the many barriers to success in his field. He has even turned the eyes of the demanding automotive world to Croatia, who wouldn't have given this country as much as a second glance otherwise. Porsche is now firmly tied to the country through him.

The Livno-born businessman who is the head of the currently Sveta Nedelja-based Rimac Automobili, is now offering a very handsome 1000 euro amount to anyone who recommends a person they end up deciding to employ in another move in which he is giving back to people.

As Poslovni Dnevnik writes, the entrepreneur is looking for new employees, and he is looking for candidates through recommendations. Anyone can recommend someone, and should they get lucky and get hired by the company, they'll have 1000 euros show up in their bank account. A nice surprise indeed for the one month of the year (January) in which everyone feels skint.

Anyone who refers to a candidate who is eventually hired by this enterprise will receive a 1000 euros cash - whether or not that person is employed by the Rimac Group or not.

“As we expand our project work for many global automotive companies, we're expanding at all levels. Anyone who nominates a candidate we hire in the end will be rewarded with 1000 euros (gross) - regardless of whether they're an employee of the Rimac Group or not,'' wrote Mate Rimac on his Facebook page.

Rimac is looking for experienced procurement and logistics experts who can take responsibility for challenging, large projects.

"Managing the requirements of such complex projects is not something for beginners, so please don't waste your and ours with recommendations for unskilled people," Rimac concluded in his Facebook post.

For more, check out our dedicated business section.

Wednesday, 8 December 2021

Mate Rimac: We Want to Develop Profitable Company, Create Something New

December the 8th, 2021 - Mate Rimac has done more to show the world that it is very much possible to succeed in Croatian entrepreneurship than anyone else. Perhaps Ivan Mrvos comes a close second, but for the automotive world which would never have given the country a second look, what he has done is truly historic.

As Poslovni Dnevnik/Zoran Vitas writes, after a joint venture with Bugatti and the creation of the new Rimac Group, Mate Rimac and his dedicated team have a much harder job on their hands in Sveta Nedelja near Zagreb than they did before. When the German Manager Magazine announced that it was considering going public with an expected estimated value of five billion euros, a lot was written about that possibility.

It was even mentioned by Lutz Meschke, Deputy Chairman of the Executive Board and a member of the Finance and IT Management Board at Porsche AG. One day an IPO would make sense.

''Mate Rimac must first implement his company's operational plan, but he can count on our support,'' said the leader of the cult German company.

Mate Rimac explained back in November for Automobilwoche what the implementation of such an operational plan means. He was short and clear - profitability. That is, significantly improved profitability.

“At Bugatti Rimac, we're focused on profitability. We don't want to rush, but instead we want to give ourselves time to prepare everything thoroughly. This could be done in 5-10 years,'' said Mate Rimac about the brand with which, realistically, Volkswagen had some trouble.

"It would be easiest to take the Nevera, redesign it and call it Bugatti. But that is absolutely not what we're going to do,'' Rimac repeated. When Bugatti's last Chiron leaves the factory in Molsheim, it will be Bugatti's turn,'' which, as he said during Ursula von der Leyen's visit, makes the most sense.

“Porsche runs on carbon-neutral or even positive fuel because of the way it is produced. In the medium term, it would make the most sense for Bugatti to be a hybrid. It is true that Porsche wanted us to go to electricity immediately, but we said that we'd like to work with petrol engines for some time to come, with a new generator. But that's where I'll stop,'' said the head of Bugatti Rimac, stating that they have been working on the development of the new Bugatti in Croatia for a year now.

"We want to make a profitable company, but we won't recycle anything. We will not redesign the Chiron and thus make a new model, or just hybridise it, we're developing an entirely new product. And that product will still have an internal combustion engine. We're also looking at it in the long run knowing how Bugatti has known diversity throughout history that can be used not only to make hypercars. It's an opportunity to produce different and exciting cars that will be both electric and electrified. We'll have fully electric Bugattis in a decade,'' Mate Rimac said in conversation with the British Top Gear.

For more, check out Made in Croatia.

Friday, 9 July 2021

Porsche Controls 58.2% of Rimac Company Following Spectacular Bugatti Deal

July the 9th, 2021 - The incredible Mate Rimac Bugatti deal has blown the myths about not being able to succeed in Croatia straight out of the water. If he hadn't managed to convince you of that before, which is difficult to believe, he certainly has now. This remarkable Croatian entrepreneur's dogged determination is tireless, and Porsche has become even more deeply involved in the Rimac company.

As Poslovni Dnevnik/Ana Blaskovic writes, drowning in the proverbial Croatian sea of ​​gloomy news about the failure of the vaccination rollout amid the pandemic and a new wave of mutated coronavirus posing a potential threat, the news that young entrepreneur Mate Rimac has taken over the cult figure of the automotive world, Bugatti, resounded like a nuclear bomb.

The historical success of the Rimac company, which operated out of a mere garage back in 2009, is astonishing. Very few people believed in the company's plans to create hypercars right here in Croatia, where cars are imported but not produced, but it turned out to be an astronomical success. The business side of the story, however, went under the radar.

The merger of Rimac Automobili and Bugatti Automobiles created a joint venture, known as Bugatti Rimac (in which the newly formed Rimac Group will hold a majority stake), which will be (in)directly controlled by Porsche with 58.2 percent ownership, while Mate Rimac will remain at the forefront, but with a minority stake of 20.4 percent.

The transaction isn't accompanied by cash flow as such but is a matter of exchanging shares, which reflects the consequent rearrangement of the structure of the Rimac company. With this move, Rimac's startup actually ceases to be a startup and is being additionally integrated within the umbrella of the VW Group, of which Porsche is of course a part. Rimac Automobili is becoming the Rimac Group (divided into Bugatti Rimac and Rimac Technology) in which Mate Rimac formally holds the largest single stake of 37 percent, Porsche 24 percent, Hyundai 12 percent and other shareholders 27 percent.

The Rimac Group will have a 55 percent stake in the Bugatti Rimac package, which includes the separate brands Bugatti Automobiles and Rimac Automobili. The remaining 45 percent of the shares of the joint venture are held by the German manufacturer, which has been following the Rimac company financially for the last three years.

Despite these figures, which lean significantly in the favour of the German investor, it has been agreed that Mate Rimac will remain at the helm, as the CEO of the Rimac Group he will lead the business of Bugatti Rimac and the new company Rimac Technology. It's here that the core business that broke through in the automotive industry remains - the development, production and delivery of battery systems, powertrains and other EV components. All of the above will be 100 percent owned by the Rimac company.

“What's important to note is that the Rimac Group is managed by director Mate Rimac. The owners participate in the management of the company through the Supervisory Board,'' stated an explanation regarding German shares. They added that “Rimac Group is the largest shareholder of Bugatti Rimac d.o.o. where Mate Rimac is also the director. Mate is also the director of Rimac Technology, which is 100 percent owned by the Rimac Group.''

Car buffs who follow such news aren't too surprised by this outcome, although it is almost certain that there was resistance to such a solution. The new Rimac company remains under the control of a young businessman who, despite all the objective obstacles to doing business in Croatia, raised the company from scratch in an industry that is markedly capital intensive. Only twelve years has passed from the aforementioned garage adventures to the presentation of the stunning Nevera, the fastest electric hypercar in the entire world. 

The fact that all of the above was done at all is exceptional, but knowing it has been done by a Croat, in Croatia, is bordering on miraculous.

For more, follow our dedicated business section.

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