Another potential business success for the Croatian company.
Camel Group from China will invest 30 million euros in the production of electric bicycles and cars in Croatia. Camel Group is one of the leading manufacturers of batteries and battery packs which sells its products in China, the United States, Africa, Southeast Asia… It was founded in 1980 and, according to data compiled by Bloomberg, employs 5,755 employees, reports Index.hr on April 13, 2017.
Yesterday, the company signed with Mate Rimac a framework agreement on investments in Rimac Automobili and Greyp Bike companies. Under the contract, Camel Group will invest 27 million euros in Rimac Automobili and another three million euros in Greyp Bike.
Rimac Automobili said that they were in the second round of collecting offers for investments and that until the process is completed with all investors they cannot make any comments.
Although Rimac Automobili is seen in Croatia primarily as a car company, it is actually a company which develops technology solutions and science.
Camel Group, which will reportedly invest in Rimac Automobili, is described as ”high-tech company, focused on research, development and production of electric vehicles, battery systems, integration in vehicles, and infotainment systems”. It is one of the leading manufacturers of electric batteries and battery assemblies and one of the companies which are part of the growing electric cars market.
Goldman Sachs estimates that the market for batteries will be worth over 40 billion dollars by 2025 and will be dominated by Chinese companies. It seems that a Croatian company might join them.
According to the Financial Times, Chinese companies such as Camel Group and CATL, worth 11.5 billion dollars, want to dominate the growing global market of electric cars. They are aided in their efforts by the Chinese government and its support programmes and restrictions for competition which wants to enter the market.
In early March, the Chinese government has urged its companies to double capacities of their batteries by 2020 and to invest in factories abroad. It seems that the investment in Rimac Automobili fits well into that plan.
