Page 97 - bne IntelliNews SE Outlook Regions 2024

investments to enhance offerings in Valamar Padova, Imperial Valamar Collection, Padova Premium Camping Resort on Rab Island and Valamar Lacroma Hotel in Dubrovnik. Plans are in place for a new complex to accommodate employees in the Dubrovnik destination.
Apart from tourism, the retail sector will face significant changes with the restructuring of Fortenova and expansion of Konzum. At the same time, the government intends to spend substantial sums in the energy sector, which should contribute to the country’s economic growth in 2024.
5.4.4 Major Sectors & Companies
Rimac, Croatia’s electric supercar producer, did well in 2023 and chances are the company will continue its positive development through 2024. In September 2023, Rimac Technology, part of Rimac Group, partnered with EVE Energy, a lithium battery manufacturer specialising in the 46xx cylindrical cell format.
Starting in 2027, EVE Energy will oversee battery cell manufacturing, while Rimac Technology will focus on developing and producing battery modules and packs, primarily for Rimac's 46xx platform. The partnership meets the surging interest of European OEMs in Rimac's 46xx platform, known for its cost-effectiveness, customization options, and high-performance battery systems. The 46xx cylindrical cells are useful in thermal management, a critical factor for ensuring the safety and reliability of electric vehicles.
In September, Croatian media reported that luxury automaker Porsche is finalising plans to build an electric bike drive factory in Croatia. The factory would be Porsche’s first in Croatia and its first greenfield investment in local industrial production.
Rimac Group, in which Porsche holds a 15% stake, has also announced its own electric bike factory in Sveta Nedelja near Zagreb. Rimac develops and produces electric bikes through its sister company Greyp Bikes.
In May, the European Commission gave its approval to Croatia's state aid of €179.5mn for the development of a robo-taxi project led by Rimac Automobili, also part of Rimac Group. The funding will be instrumental in establishing an innovative urban mobility service based on fully autonomous electric vehicles.
Part of the funding will come from the Recovery and Resilience Facility (RRF), following the European Commission's positive assessment of Croatia's Recovery and Resilience Plan and its approval by the Council.
If successful, this urban mobility model could be expanded to other EU cities. KIA Motors, a company that is a part of the Hyundai Motor Group, is directly involved in the project, as an investor and shareholder of the company Project 3 Mobility (P3M), which is Rimac Automobili’s sister company in charge of the project.
97 SE Outlook 2024 www.intellinews.com