Mate Rimac, an innovative entrepreneur from Croatia, has transformed the high-performance electric vehicle industry with his company, Rimac Automobili. Rimac is known for pushing the boundaries of EV technology. His journey from building electric cars in his garage to leading a globally recognized EV and hypercar company is remarkable. As of today, Mate Rimac’s net worth is estimated to be around $4 billion. This is a testament to his pioneering contributions to automotive technology and strategic industry partnerships.
In the following blog, we’ll explore the key milestones and decisions that fueled Mate Rimac’s financial growth and brought him to this impressive net worth!
Milestones That Led Mate Rimac’s Net Worth to $4 Billion
- Founding Rimac Automobili:
Rimac founded Rimac Automobili in 2009, to create high-performance electric vehicles. This quickly gained attention, establishing a unique niche in the EV market.
- Developing the Rimac Concept One:
The Concept One, one of the world’s first electric hypercars, showcased Rimac’s capabilities. In 2011, Concept One was introduced at the Frankfurt Motor Show. An initial production target of 88 units was later reduced to 8 units, all of which were subsequently sold.
- Strategic Investments:
Key investments from automotive giants like Porsche, Hyundai, and Kia injected capital into Rimac Automobili, increasing the company’s valuation significantly. Porsche, in particular, increased its stake from 15 to 24 percent over time, boosting Rimac’s financial position. In 2022, Rimac raised EUR 500 million (around $531.23 million) in its Series D, valuing the Company at over EUR 2 Billion ($2.12 billion).
- Bugatti Rimac Joint Venture:
In 2021, Rimac partnered with Porsche to form Bugatti Rimac, merging the Bugatti and Rimac brands. The Rimac Group held a 55% majority stake in the venture, with Mate Rimac owning 35% of the Rimac Group itself. Porsche holds 22%, Hyundai 11%, and other investors make up the remaining 32%.
- Supplying High-Tech EV Components:
Rimac Technology is a Tier 1 supplier of electrification technologies to the global automotive industry. It has partnerships with brands like Porsche, Hyundai, Aston Martin, Koenigsegg, and Automobili Pininfarina. Therefore, this adds to its substantial revenue streams and contributes to Mate Rimac’s Net Worth.
- Growth in EV Demand:
The global rise in demand for electric vehicles and sustainable technologies elevated the market value of EV-focused companies like Rimac Automobili. Also, Rimac Automobili’s annual revenue reached $750M in September 2024, therefore boosting Mate Rimac’s Net Worth.
- Increased Market Valuation of Rimac Automobili:
As Rimac Automobili gained a reputation for cutting-edge technology, its valuation stands at $2.14 billion, according to the latest available filings of October 2024. Due to this Mate Rimac’s net worth was significantly boosted.
- Diversification into Battery Technology:
Rimac’s investments in battery technology for various applications enhanced Mate Rimac’s Net Worth and the company’s value. Moreover, Rimac is expanding as a supplier of battery systems and powertrain components, targeting 100,000 batteries annually between 2024 and 2026.
Conclusion
The journey of Mate Rimac’s net worth to $4 billion stems from founding Rimac Automobili, creating groundbreaking EVs like the Concept One, and securing major investments. Strategic moves like the Bugatti Rimac joint venture and diversification into battery and EV components amplified the company’s value and influence. These achievements together fueled Mate Rimac Net Worth’s solidifying his financial success.
FAQs
- How much is the Rimac company worth?
Answer: As of October 11, 2024, Rimac Automobili’s valuation stands at $2.14 billion, according to the latest available filings.
- How did Mate Rimac get rich?
Answer: Mate Rimac earned his first $1 million from selling an electric supercar prototype. Within a year, Rimac Automobili began securing millions in investments from other automotive giants like Porsche, Hyundai, and Kia.
- How much of Rimac does Mate own?
Answer: Mate Rimac holds a 35% stake in the Rimac Group, with Porsche owning 22%, Hyundai holding 11%, and the remaining 32% shared among other investors.
