Porsche Acquires Majority Stake in Greyp Electric Bikes

Porsche acquired a majority stake in the Croatian manufacturer Greyp Electric Bikes. Since 2018, the venture capital arm of sports car manufacturer Porsche Ventures has owned approximately 10 percent of Greyp.

Porsche is actively increasing its interest in the electric bicycle market. Mate Rimac and other Greyp founders will retain a minority stake in the company, and the transaction will be completed on December 18. Porsche, headquartered in Stuttgart, Germany, acquired the initial shares while investing in Rimac Automobili.

Mate Rimac said, "Greyp will have a very strong and growing influence in Croatia. We want to do great things, we want to do great things, otherwise we and Porsche will not do it. This will create a bright future for Greyp employees. And it has brought great value to Croatia, further proving that it is a hot spot for the research and development of electric vehicles."

Lutz Meschke, Vice Chairman of the Executive Board of Porsche AG, said: This investment will further promote the development of its electric vehicles. Porsche is a pioneer in sustainable mobility and has been promoting its electric mobility strategy. Our activities in the field of electric bicycles emphasize our consistent approach. Porsche has been a leading supplier of plug-in hybrid vehicles for many years.

Lutz Meschke said that in 2019, Porsche launched the first all-electric car, the Taycan. In 2020, one-third of the company's cars will be electric. Our goal is to achieve a carbon dioxide neutral balance sheet across the entire value chain by 2030.

Porsche said it will invest 15 billion euros (17 billion) in new technologies in the next five years, of which 6.5 billion euros (7.3 billion) will be used to develop electric vehicles.