June 26 (SeeNews) - Croatian supercar manufacturer Rimac Automobili saw its total revenue rise 33% to 79.8 million kuna ($12.3 million/10.8 million euro) in 2018, while its loss almost halved to 22 million kuna, local media reported, citing the company's founder Mate Rimac.
The main reason for the reduced loss is the strong growth in sales revenue - to 60.2 million kuna last year from 44.7 million kuna in 2017, news wire tportal.hr quoted Rimac as telling news daily Jutanji List earlier this week.
Rimac said he was not concerned over the financial state of his company as it is currently in a strong investment cycle.
"For example, the vehicle which we are now constructing for Hyundai will go into serial production only in 2023. Such are the cycles of our projects and we, as well as our shareholders, are not bothered by what financial result we post this year or the next, we are building a long-term story," Rimac said.
Rimac Automobili develops and manufactures high-performance electric vehicles, drivetrains and battery systems.
In May, the Croatian company signed an 80 million euro strategic partnership deal with Hyundai Motor and Kia Motors Corporation, planning to collaborate on the development of two high-performance electric vehicles (EVs) by 2020. The collaboration of the three companies will result in developing an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.
Also in May, Rimac said that the company will need an additional financing of 70 million euro ($80 million) to complete an investment cycle, which will expand its business and help it build a new campus and a factory.
Sveta Nedelja-based Rimac Automobili was founded in 2009 when Mate Rimac began working from his garage on his vision of producing electric sports cars. The company now employs more than 500 people.
Rimac's ownership in Rimac Automobili has now dropped to 47.7%. China's Camel Group owns 14%, Hyundai has an 11% stake, Porsche owns 10% and Kia controls 2.7%, while the remainder belongs to smaller shareholders.
(1 euro = 7.39496 kuna)