Porsche is in the final stages of planning to build an electric bicycle motor factory in Croatia, according to Jutarnji list.
This will be the first factory of the German automotive giant in Croatia and its first greenfield investment in local industrial production.
It is also a significant investment in local production in the field of mobility and the automotive industry since the Rimac Group announced and began construction of its own factory in Sveta Nedelja near Zagreb.
Details about Porsche's electric bicycle motor factory are not yet known, except for one aspect. Due to its focus on motors and existing brands such as Porsche and FAZUA, the German giant will absorb the technology and knowledge created in Greyp Bikes and discontinue that brand.
All of this is happening two years after the Porsche Group, through Porsche eBike Performance, acquired the startup Greyp Bikes from Mate Rimac. It was one of the largest acquisitions in Croatia to date.
The estimate is that Porsche eBike Performance paid 100 million kuna, or 13.3 million euros, for Greyp Bikes. Initially, Porsche announced that it would retain the brand, which it did until this year.
In February, the German parent company first announced that it was removing the Greyp brand from the commercial register and replacing it with its own Porsche eBike Performance. Now we have learned that it is also discontinuing Greyp's vertical within Porsche eBike Performance.
So far, the company has had two verticals. One was based in Germany and focused on developing electric vehicle propulsion systems, while the other developed and manufactured Greyp bicycles. However, the former Greyp, now Porsche eBike Performance, struggled with profitability, as reported by Jutarnji list journalist Bernard Ivezić.