September 6, 2019 / 3:06 PM / a month ago

Porsche raises stake in Croatian sportscar maker Rimac to 15.5%

FILE PHOTO: The Porsche logo is seen duering the 2020 Porsche 911 Speedster reveal at the 2019 New York International Auto Show in New York City, New York, U.S, April 17, 2019. REUTERS/Brendan McDermid

FRANKFURT (Reuters) - Porsche, a unit of Volkswagen (VOWG_p.DE) on Friday said it had raised its stake in Croatian supersportscar manufacturer Rimac to 15.5%.

In June 2018, Porsche took a 10% stake in Rimac, after the start-up company developed expertise in the area of high-voltage battery technology and electric powertrains for use in ultra high end sportscars.

Lutz Meschke, Deputy Chairman of the Executive Board at Porsche AG said, “We have now increased our stake and intend to intensify our collaboration in the field of battery technology.”

Reporting by Edward Taylor; Editing by Thomas Seythal

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