Porsche has bought a 10% stake in Croatian electric hypercar maker Rimac for an undisclosed amount. 

The move is announced as Porsche gears up to launch the Taycan, its first full-electric car, amid an industry shift towards full electrification. 

It’s thought that Porsche made the investment with the aim of using Rimac’s electric powertrain technology in its future models, while it will help Rimac grow by supplying its powertrain and technological components to other companies. 

“We feel that Rimac’s ideas and approaches are extremely promising, which is why we hope to enter into close collaboration with the company in the form of a development partnership,” said Porsche board member Lutz Meschke. “By developing the purely electric two-seaters super sports cars, like the Concept One or C Two, as well as core vehicle systems, Rimac has impressively demonstrated its credentials in the field of electromobility.” 

Porsche’s announcement focused on Rimac’s expertise in high-voltage battery tech and EV powertrains that it stands to gain from the deal. 

Rimac CEO Mate Rimac said: “This partnership now is an important step for Rimac on our way to become a component and system supplier of choice for the industry in electrification, connectivity and the exciting field of advanced driver assistance systems.”

The move is the latest in a series of strategic investments in the car industry to accelerate progress in electric vehicles. Earlier this year, Geely CEO Li Shufu bought a stake of just under 10% in Daimler for an estimated £6.4 billion to further Geely’s EV efforts. 

The Taycan arrives in 2020 and will be available in several variants, based on a shared architecture named J1. It’ll be Porsche’s first EV in its 70-year history, although the brand will increase its zero-emissions offerings over time, culminating in its core model, the 911, going electric. 

Mini, Vauxhall, BMW, Skoda, Seat and others are all preparing to launch electric-only cars in the coming two years, either as derivatives of existing models or stand-alone vehicles in their own right.