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Twenty-three year old Mate Rimac introduced the Rimac Concept 1 at the Frankfurt Auto Show in 2011. This was his 1,100hp electric car that he was going to build and take on Bugatti, Pagani and Koenigsegg. The car would be entirely designed and built in Croatia, with a company two years old, started in his parents garage.
The press were sceptical to say the least; "don't hold your breath" was the general consensus.
Not anymore. In fact the journalists who were given an opportunity to blast Rimac's newly launched Revera down an airstrip had difficulty coming up with anything to say that wasn't an expletive. One guy did have trouble breathing after completing the quarter mile in 8.6 seconds - significantly faster than a Bugatti Chiron. The Ferrari SF90 Stradale that was brought along for a drag race wasn't even remotely in the same league.
Rimac originally had Saudi backers who wanted the company to re-locate to Saudi Arabia. Mate wanted the company to stay in Croatia so he gave up the money, and had no 'plan B'. He had developed significant expertise in high-performance Electric Vehicle powertrains, so to continue funding the development of his Hypercar, he started consulting to other vehicle manufacturers.
Rimac could not only develop electrical components but they could rapid prototype them as they did all the work in house. They had no choice as there was no automotive industry in Croatia.
It wasn't long before the big players figured out that this kid was a genius. Investment flowed in from Porsche and Hyundai totalling several hundred million Euros.
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