Rimac Automobili, the Croatian company that I mentioned, is one step closer to selling its supercar design. Rimac has obtained ten million Euros (~12 million USD) towards selling its “C1” or “Concept_One” super-coupe. Investors have contributed this much for a Series A financing round; the company claims it is expanding and developing.
On the one hand, this looks pretty compelling. The vehicle itself, with over 1,000 horsepower as currently designed, can embarrass many Ferraris; founder Mate Rimac claims its interior will have every appointment. Mate Rimac got his start as an e-racer of his own conversions and homebuilts, so he’s not coming in cold. He’s also selling components to other automakers, and the Greyp electric bike/moped, again gaining practical experience in real-word products and manufacturing. This is in Eastern Europe mind you, with low wages and rents but surprising scientific and engineering talent. Meanwhile, since the C1 car will go for a million apiece, at a low delivery rate, to those who can pay cash on the counter, financing the company behind it will be easier than in a more consumer-oriented, competitive, high-production rate market segment.
On the other hand though, ~$12 million is NOTHING in auto world. It’s why I led off with “one step closer,” and not “already there.” Rimac’s capitalization is around 70-80 million dollars; Tesla by comparison required oh… around half a billion to get going. And that’s starting with the Tesla Roadster, which was built around the Lotus Elise, which was already converted to electric by other houses. It took three more years to go from Roadster to the Model S, the company burning up money all the way. While this one financing round makes Rimac more credible than it was before, that’s still not saying all that much. Continue reading