June 20, 2018 / 7:34 AM / in 10 months

Porsche takes stake in Croatian electric sports car firm Rimac

FRANKFURT, June 20 (Reuters) - Porsche, the sports car division of Germany’s Volkswagen, said it was taking a 10 percent stake in Rimac Automobili, a Croatian company that has developed a super high-performance, battery-powered car.

Company founder Mate Rimac recently presented his C Two model, which has a top speed of 412 kmh, at the Geneva Auto Show. Its motor packs 2,000 horsepower; it has a range of 650 km (400 miles) and its battery can receive an 80 percent recharge in half an hour, Porsche said in a statement.

Porsche, which did not disclose financial terms for its investment, said it would strive to reach a development partnership with Rimac as part of its programme to develop electric-powered vehicles. (Reporting by Douglas Busvine Editing by Arno Schuetze)

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