The Porsche Taycan Turbo S.

Sports car maker Porsche has boosted its presence in the electric car market by increasing its stake in electric vehicle manufacturer Rimac Automobil.

The Croatian manufacturer, which has made two of its own all-electric sports cars, has a focus on battery technology.

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Porsche’s extra investment in Rimac follows the recent product specification unveiling of its first all-electric sports car, the Porsche Taycan.

The German automobile’s extra 5.5% investment in Rimac, 14 months after its initial 10%, will be seen as part of Porsche’s push into the electric sports car market, which Tesla currently leads.

Last week, Porsche announced it plans to invest an extra $6.7bn into electric cars by 2022.

“Porsche has been supporting Rimac and its positive development for a year now,” said Lutz Meschke, deputy chairman of the executive board at Porsche AG and member of the executive board responsible for finance and IT.

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“We quickly realised that Porsche and Rimac can learn a lot from each other. We believe in what Mate Rimac and his company have to offer, which is why we have now increased our stake and intend to intensify our collaboration in the field of battery technology.”

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Rimac managing director Mate Rimac described Porsche’s initial investment as “one of the most important milestones in our history”, adding that the increased stake “is the best form of confirmation for our collaboration and represents the foundation for an even closer relationship”.

“We are only at the start of our partnership – yet we have already met our high expectations,” he added. “We have many collaborative ideas that we aim to bring to life in the future. The fundamental focus is creating a win-win situation for both partners and offering our end customers added value by developing exciting, electrified models.”

Porsche’s move into the electric sports car market has been met with light-hearted criticism by Tesla CEO Elon Musk on Twitter. Musk, known for his unorthodox approach on social media, he questioned Porsche’s use of the word “turbo” to describe the Taycan and appeared to challenge Porsche to a race on Germany’s famous Nuremberg track.

Read more: Electric vehicles are key to meeting 2050 zero-carbon goal