BMW, Croatia’s Rimac partner on EV battery technology

BMW and Croatia’s Rimac have agreed to partner on high-voltage electric vehicle battery technology, they said on Tuesday, a European tie-up aimed at challenging Asian dominance in the field.

Rimac, an electric hypercar maker owned 45% by Porsche AG, is expanding its reach as a supplier of battery systems and powertrain components to other automakers, with the aim of reaching 100,000 batteries a year between 2024 and 2026.

Automakers are under increasing pressure to cut capital spending on electric vehicles. Premium EV startup Lucid is also trying to augment relatively small sales of its own EVs by selling its electric drive technology to other automakers such as Aston Martin.