China develops electric supercar with Croatian manufacturer

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Croatian car manufacturer Rimac made world headlines when its supercar, known as "Concept One", broke several top speed records. Now, Asia's largest car battery producer, a Chinese company named Camel, is investing 36 million US dollars in the Croatian firm, with the aim of kick-starting mass production of heavy duty batteries for electric cars.

"Concept One" is a 1,000-horsepower battery-powered electric monster, capable of exceeding speeds of 350 kilometers per hour.

It has an ultra-modern, lightweight, custom-made look, and comes with a hefty price tag of around one million US dollars. Only eight such cars were planned, manufactured and already sold.

The idea for that car started as the childhood wish of Rimac's CEO, Mate Rimac, to show that electric cars can be fun, attractive and insanely fast. That desire created this outstanding technological marvel, as well as hundreds of jobs, and landed over 35 million US dollars worth of Chinese investment.

CGTN Photo

At the heart of the vehicle are high tech batteries which are produced in the Rimac Automobili factory at the outskirts of Croataia's capital, Zagreb. They are made in the production process that is one of the company’s best kept secrets.

And it's exactly that technology that has attracted Chinese Camel Group to invest in this small Croatian car factory.

Rimac, who is only 29 years old, is proud that together with the Chinese investors he is taking things to another level.

"Together, we are forming joint venture in China to bring those technologies to China and to help Chinese car, bus and commercial vehicles manufacturers to electrify their products. So, we’ll set up factory in Xiangyang to produce our powertrain systems together with 'Camel' and to help China transition faster to electric vehicles fleet."

Mate Rimac, CEO of Rimac Automobili /CGTN Photo

Rimac Automobili is the new kid on the block, trying to challenge the world’s automotive giants. And to achieve that goal it needed help, which came from China.

Automotive expert Mladen Alvirovic agrees that those new companies are shaking to the core "old" big players in the market, with new and fresh ideas.

"Electric cars and electric propulsion are an excellent opportunity for many companies, which never had any contact with the auto industry, to come on top of the game. New people, new companies, new players are coming on top of the game very, very fast. This is their opportunity, so if they wait too long, this holly grail of electric vehicles might be… purchased by somebody else."

As China gears up to scrap fossil fuel-based vehicles in the next several years, Camel Group's joint venture with Rimac is quite fitting, appropriate, logical and timely.

Luka Burilovic, head of Croatia Chamber of Commerce /CGTN Photo

But taking a closer look at this collaboration between these two companies, it sets out to be just the first step in furthering China-Croatia economic collaboration –something the head of Croatia Chamber of Commerce Luka Burilovic is quite supportive of.

“I’m exceptionally happy with this Chinese investment in Rimac and also in the Krapinske Toplice spa. These are not huge investments, but they are the first steps. I hope that they will act as catalyst for other Chinese companies to invest here, particularly in our tourism business.”

In 2016, trade levels between the two countries were just over 700 million US dollars, but the Croatian Chamber of Commerce has expressed hope that significant growth is down the road and bilateral cooperation is speeding up.