China’s Camel Group invests €30 million in Croatian Rimac Automobili

Photo credit: Rimac Automobili website

Announced five months ago, the China’s Camel Group investment in Croatian company Rimac Automobili is finally official. The investment was shared yesterday by Rimac Automobili confirming what was previously reported that the Camel group will invest 27 million euros in Rimac Automobili and 3 million euros in Rimac’s Greyp Bikes.

Commenting the closure made with China’s Camel Group, Rimac Automobili’s founder, Mater Rimac said that this investment will help the company further accelerate growth, introduce new products to the market and expand their global presence.

Mate Rimac, founder of Rimac Automobili / Photo Credit: Rimac Automobili’s website

“Over the years, we have established ourselves as a technology provider and enabler for many global automotive manufacturers. We have become the go-to address when it comes to electric powertrains, batteries, innovative infotainment and telemetry systems and many other core vehicle systems. At the same time, our supercars are redefining what electric vehicles are capable of and showing that the electrified future will be exciting. In contrast to many other companies in this business, we have a working business model – we are profitable since 2012 and doubling every year organically. This investment will help us further accelerate growth, introduce new products to the market and expand our global presence. Two key areas are building a new, state-of-the-art production facility for our technology business and launching our next-generation electric supercar which will be shown to the world next year”, said Rimac.

According to Liu Changlai, CEO of Camel Group this venture is a perfect match for them as their strategy is to move aggressively into the New Energy Vehicle Business.

“After studying the market deeply, searching for a technology partner, Rimac seemed as the perfect match for us – leading the Electric Vehicle technology development in many areas. During our numerous visits to Croatia and detailed Due Diligence, we were most impressed by Rimac’s deep vertical integration – developing and manufacturing all key vehicle systems in-house. It was also impressive to learn that Rimac, as a young company in a very conservative industry, has earned the trust of some of the largest and most prestigious automotive companies. We are excited to use our synergies to deliver world-class Electric Vehicle components and technologies to the market and help accelerate the transition to a fully-electric fleet”, Changlai explains.

Rimac and Changlai signing the investment / Photo credit: Rimac Automobili website

Rimac Automobili is a Croatian car manufacturer, founded by Mate Rimac in 2009, that develops and produces high-performance electric cars, drivetrain and battery systems, headquartered in Croatia. Rimac Automobili’s first model, the Concept One, is known as the world’s fastest production electric vehicle. While Rimac sells high-performance vehicles under their own brand, the company develops and produces drivetrain systems and full vehicles for other companies as well.

Greyp Bikes is a Rimac Automobili’ sister company, focused on the development and production of highly advanced electric bicycles. Greyp’s mission is to redefine biking through technology, user experience and electrification.

Camel Group Co., Ltd., as Bloomberg reports, researches, develops, produces, and sells batteries in China, Europe, the United States, Africa, Southeast Asia, and internationally. The company produces various types of batteries, including lead-acid batteries, a thin plate of pure lead batteries, power lithium-ion batteries, etc. Its products are used in automobiles, agricultural vehicles, ships, trucks, golf carts, electric cars, electric motors, electric bicycles, and various special purposes. The company is also involved in the lead recycling business; and production of various battery related plastic products. Camel Group Co., Ltd. was founded in 1980 and is headquartered in Shihua, China. To date, this company has 7.755 employees.