Porsche has increased its stake in Croatian electric vehicle firm Rimac, as part of an increased co-operation in battery technology and other areas. The German car maker bought a 10% stake in Rimac in June 2018 and has now increased its holding to 15.5%. The move comes shortly after Porsche launched the Taycan, its first series-production electric car. According to the two companies, the increased partnership will allow Porsche to “call on Rimac’s expertise in vehicle electrification, including powertrains, batteries and other components related to electrification and autonomous driving”. Lutz Meschke, Porsche’s finance chief, said: “It quickly became clear to us that Porsche and Rimac could learn a lot from each other. We are convinced of (founder) Mate Rimac and his company, so now we have increased our stake and are expanding our cooperation in battery technology.” Meschke told Autocar: “Rimac is very strong in battery technologies, e-motors and UX (user experience), and we can benefit. It’s a win-win situation on both sides.” The firms have not disclosed how much Porsche paid for the stake. Porsche isn’t the only major car firm to have invested in Rimac. Earlier this year, the Hyundai Motor Group invested £60 million in a deal that includes the development of two high-performance EVs by next year. Meschke said: “Rimac has a very good chance to have a broad range of customers in both sports cars and the volume segment with Hyundai. We have a very close co-operation with Rimac and we will see the results of that in the upcoming electric Macan and future
Origin: Porsche increases stake in hypercar EV maker Rimac
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VW says no base to claims it wants a stake in Tesla
Herbert Diess, CEO of German car giant Volkswagen (VW), attends the companys annual general meeting on May 14, 2019 in Berlin.John MacDougall / Getty Volkswagen is denying reports that its CEO, Herbert Diess, is looking to acquire a stake in electric carmaker Tesla.German business publication Manager Magazin said August 22 that Diess would go in right away if he could on an investment in Tesla, quoting inside info relayed to its reporters via a high-level VW manager.But VW spokespeople told Reuters that the speculation about buying a stake in Tesla made by Manager Magazin is without merit.The magazines report suggested Diess was most interested in the California companys software developers, but that the families that own most of VW, the Piechs and Porsches, likely wouldnt approve of any sort of investment; and that buying Tesla outright for US$30 billion simply wasnt
Origin: VW says no base to claims it wants a stake in Tesla
China’s BAIC takes 5-per-cent stake in Daimler to boost partnership
The Mercedes-Benz Circle of Excellence holds events for members and offers preferred status at elite hotels. One of Germanys most storied industrial icons just became more Chinese.Daimler AGs Chinese partner, state-backed Beijing Automotive Group Co., is buying a 5-per-cent stake in the Mercedes-Benz maker, cementing a more than decade-long alliance of the auto manufacturers.Together with Daimlers top shareholder Zhejiang Geely Holding Group Co.s billionaire owner Li Shufu the transaction would take Chinese ownership in the worlds biggest luxury-car maker to almost 15 per cent.This step reinforces our successful partnership and is a signal of trust in the strategy and future potential of our company, Daimler Chief Executive Officer Ola Kallenius said.BAICs investment another sign of the fast-changing global car industry with deepening partnerships and deals with rivals. Margins at the core Mercedes-Benz cars division are expected to fall as low as 3 per cent this year, trailing typically lower-returning mass-market carmakers.About half of the stake being taken by BAIC, which is backed by Beijings municipal government, is via rights to acquire shares and the remainder via financial instruments, according to a statement. The 5-per-cent holding has a market value of about 2.5 billion euros (US$2.8 billion) as of Monday close.Another Chinese shareholder at one of Germanys automotive giants could stir concerns about influence in the country, while carmakers already battle a trade war that has left global shipments of cars at the mercy of tit-for-tat tariff measures. China and the U.S. are the two largest markets for Mercedes-Benz. BAICs transaction also raises the question of whether Daimler and BAIC may reorganize their joint venture in China after restrictions for foreign investors in the worlds largest auto market eased.For its part, BAIC views the purchase as a natural evolution of its relationship with Daimler.It has been our intention to strengthen our alliance with Daimler through an investment, said Heyi Xu, chairman of BAIC. This step reinforces our alignment with, and strong support for, Daimlers management and strategy.Daimler is exploring additional cooperation projects with Geely, former CEO Dieter Zetsche said at the companys annual general meeting in May and sought to allay concerns about potential conflicts with BAIC. His successor Kallenius said in January hes open to talk about more collaboration with industry peers and technology firms to share surging development cost.Since 2003, BAIC and Daimler have set up a number of cooperations in China, including the joint venture Beijing Benz Automotive Company that produces premium cars in the country, as well as separate entities that make vans and trucks. Daimler has held a 9.6-per-cent stake in the BAICs Hong Kong-listed unit, BAIC Motor Corp., since
Origin: China’s BAIC takes 5-per-cent stake in Daimler to boost partnership
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