When a 33-year-old Croatian entrepreneur shows up to a major press conference wearing shorts while sitting next to suited Porsche executives, you know he’s confident about something big. That someone is Mate Rimac, and in 2021, he was handed the keys to Bugatti, one of the world’s most legendary hypercar brands.

Mate Rimac’s net worth in 2025 stands at approximately $4 billion (€2.3 billion), making him the second-richest person in Croatia. This remarkable fortune comes from founding Rimac Automobili, creating record-breaking electric hypercars, and ultimately becoming the CEO of both Bugatti Rimac and Rimac Technology. Unlike many tech billionaires who inherit wealth or strike it lucky with a single app, Rimac built his empire starting in his parents’ garage with a converted 1984 BMW.

Born on February 12, 1988, in Livno, Bosnia and Herzegovina, the now-36-year-old visionary has transformed from a bullied teenager tinkering with electronics into one of the automotive industry’s most influential figures, leading the charge toward electric performance vehicles.

The Garage Beginnings: From BMW E30 to World Records

Early Life and Escape from War

Mate Rimac’s journey began in Livno, SR Bosnia and Herzegovina (then part of Yugoslavia), where he was born to parents Zdenka and Ivan Rimac. When Mate was just three years old in 1991, his family fled to Frankfurt, Germany, to escape the Yugoslav Wars that had made their hometown uninhabitable.

The family lived in Germany until 2000, when they relocated to Croatia, settling in Samobor. His father Ivan founded a successful real estate and construction company called Rimc, which developed large retail malls throughout Croatia. Moving from Germany to Croatia proved challenging for young Mate, he struggled to adapt, kept up poorly in school, and was bullied for having a Bosnian accent.

But while school wasn’t easy, Mate found his passion: cars and technology. He spent hours in his parents’ garage working on projects that would eventually change his life.

The Electronics Prodigy

During high school, Mate’s teacher and mentor Ivan Vlainić convinced him to enter a local electronics competition. Despite having little confidence in his abilities, Mate won first prize. This victory led to national competitions, where he again placed first, eventually representing Croatia at international electronics and innovation competitions.

By age 17, Mate had already applied for two international patents for his inventions:

• iGlove (2005): A device that replaced computer keyboards and mice with a glove interface
• Active Mirror System (2006): A rear-view mirror system for eliminating vehicle blind spots, which won an award at the IENA international trade fair in Nuremberg, Germany

Before turning 18, Mate had won numerous awards in international competitions across South Korea, Germany, Belgium, Switzerland, Malaysia, and Croatia.

The Green Monster: Breaking Records in a Garage-Built EV

At age 18 in 2006, Mate bought a 1984 BMW E30 323i and raced it as a hobby. When the gasoline engine exploded during one race, most people would have junked the car or bought a new engine. Mate saw an opportunity.

Working in his parents’ garage in Samobor, he decided to convert the BMW into an electric vehicle, buying parts on the internet and teaching himself electric powertrain engineering. Over several years and seven different iterations, the car evolved from a basic conversion into a high-performance electric racing machine.

By 2011, Mate’s BMW, nicknamed the “Green Monster”, had achieved remarkable success, setting five FIA and Guinness world records in acceleration events with a 600 PS (593 hp) electric powertrain. The car’s success drew international attention and proved that electric power could deliver serious performance.

This garage project became the foundation of everything that followed.

Building Rimac Automobili: From Zero to Unicorn

The Birth of a Company (2009-2011)

Seeing the potential in electric performance, Mate founded Rimac Automobili in September 2009 when he was just 21 years old. Initially called VST Conversions (v=s/t being the formula for speed), the company offered conversions of traditional vehicles to electric.

However, the company had no employees until 2011. Mate attended VERN University of Applied Science from 2007, obtaining a bachelor’s degree in Entrepreneurial Management in 2010, all while building his business as a paper exercise.

The Concept One: A Game-Changing Hypercar

In 2010, Mate met Adriano Mudri, a designer at General Motors. Mate proposed developing an electric supercar together, and they agreed, working nights and weekends, Mate on technology, Mudri on design.

At the time, Mate’s BMW conversion was winning races and gaining media attention. A fellow Croatian working for a Middle Eastern royal family noticed and asked about Mate’s projects. When Mate and Mudri shared their supercar concept, the royal family wanted to buy two cars.

There was one problem: Mate had no real company, no employees, and no resources to build the car. When he explained this, the royal family offered to invest in Rimac’s efforts to enable production. That investment jumpstarted everything.

By 2011, Rimac unveiled the Concept One at the Frankfurt Motor Show, one of the world’s first electric hypercars. With 1,088 hp and stunning performance, it showcased Rimac’s engineering capabilities and established a unique niche in the EV market.

Only 8 units of the Concept One were produced, making it one of the rarest electric vehicles in history. This exclusivity boosted the brand’s reputation and attracted high-profile investors, laying the foundation for Mate Rimac’s growing net worth.

The Concept One gained additional fame (or infamy) when Grand Tour host Richard Hammond crashed one during a hillclimb in Switzerland in 2017. The car caught fire, but Hammond survived with a broken leg. Rimac later honored the incident with a subtle joke: every Nevera includes a fire extinguisher held by a leather strap embossed with “In case of hill climb, extinguish fire.”

Explosive Growth and Major Investments

Major automotive industry players quickly recognized Rimac Automobili’s potential:

Porsche AG became an early believer, acquiring a 10% stake in 2018 and later increasing it to 24%. Porsche saw Rimac’s electric technology as crucial for the future.

Hyundai Motor Group and Kia invested €80 million in 2019, supporting the development of advanced electrification technologies.

2022 Series D Funding: Rimac secured $531 million, pushing the company’s market valuation past $2.14 billion.

By 2020, Rimac Automobili had grown from welcoming its first employee in 2011 to more than 1,000 employees, with investors including Porsche AG, Hyundai-Kia, SoftBank, Goldman Sachs Asset Management, and Camel Group (one of Asia’s largest battery manufacturers).

Rimac Technology: Supplier to the Giants

Beyond building their own hypercars, Rimac provides electric vehicle technologies and systems to many big names in the auto industry. Rimac Technology became a Tier 1 supplier of electrification technologies, with partnerships and OEM customers including:

• Porsche
• Hyundai and Kia
• Aston Martin
• Koenigsegg
• Automobili Pininfarina
• Renault
• Jaguar
• SEAT

This diversification ensures stable revenue streams. In 2024, Rimac Automobili’s annual revenue reached $750 million, significantly boosting the company’s valuation and Mate Rimac’s personal net worth.

Rimac is also expanding as a supplier of battery systems and powertrain components, targeting production of 100,000 battery units annually between 2024 and 2026.

The Bugatti Merger: A Historic Automotive Deal

How Mate Rimac Became Bugatti’s CEO

In July 2021, one of the most significant deals in automotive history was announced: Rimac Automobili and Bugatti would merge to form Bugatti Rimac, with 33-year-old Mate Rimac as CEO of the joint venture.

Under the deal’s structure:

• Rimac Group owns 55% of Bugatti Rimac
• Porsche AG owns 45% of Bugatti Rimac
• Mate Rimac serves as CEO of Bugatti Rimac, Rimac Technology, and the Rimac Group

Within Rimac Group itself, ownership is divided:

• Mate Rimac: 35% (largest individual shareholder)
• Porsche: 22%
• Hyundai Motor Group: 11%
• Other investors (SoftBank, Goldman Sachs, etc.): 32%

This means that through his shareholding in Rimac Group, which owns 55% of Bugatti Rimac, Mate essentially controls one of the world’s most prestigious hypercar brands despite his young age.

Bugatti Rimac’s global headquarters is located at Rimac’s base in Sveta Nedelja, near Zagreb, Croatia, with production facilities in Zagreb and Bugatti’s historic Molsheim, France location. The joint venture employs 435 workers, with 300 in Croatia and 135 in France.

Seeking Full Control: The Porsche Buyout Negotiations

In October 2024, Mate Rimac revealed he’s in negotiations to buy Porsche’s 45% stake in Bugatti Rimac for approximately €1 billion ($1.2 billion). Speaking to Bloomberg, he explained his motivation:

“It’s no secret that we are in discussions. I just want to be able to make long-term decisions, to make long-term investments, and to do things in a different way, without having to explain to 50 people.”

Mate admitted the negotiations are emotionally complex, partly because the Porsche-Piëch family still has a stake in Porsche. However, he confirmed he has the investors necessary to complete the buyout and hopes to finalize the deal by 2026.

Full ownership would give Mate complete creative control over Bugatti’s future, allowing faster adoption of innovations from Rimac’s engineering division, including next-generation solid-state batteries and e-axles. It would cement his position as the sole owner of one of the world’s most storied performance marques.

Who is the CEO of Bugatti?

Mate Rimac is the current CEO of Bugatti Automobiles and Bugatti Rimac. He took over from Stephan Winkelmann, who led Bugatti from 2018 until the merger in November 2021. Winkelmann continues as Chairman and CEO of Lamborghini.

As CEO, Mate has already pushed Bugatti forward with new models including the drop-top Mistral, the 1,800-hp Tourbillon, and the one-off Bugatti Brouillard, all while breaking records with his own hypercar creation, the Rimac Nevera.

Does Elon Musk Own Bugatti?

No, Elon Musk does not own Bugatti. This is a common misconception online, but Mate Rimac and the Rimac Group own 55% of Bugatti Rimac, with Porsche owning the remaining 45%. Elon Musk has no ownership stake or involvement with Bugatti whatsoever.

The Rimac Nevera: Redefining Electric Performance

The Hypercar That Breaks Physics

In 2021, Rimac unveiled the Nevera (pronounced: NEH-veh-rah, named after a powerful Croatian storm), an all-electric hypercar designed and manufactured entirely by Rimac Automobili. It’s the company’s second car after the Concept One.

The Nevera’s specifications sound like science fiction:

Specification	Details
Power Output	1,914 hp (1,813 hp at motors)
Motors	Four independent electric motors (one per wheel)
0-60 mph	1.74 seconds (world record)
0-100 km/h	1.82 seconds
Quarter Mile	8.25 seconds
Top Speed	258 mph (415 km/h)
Battery	120 kWh
Range (WLTP)	304 miles (490 km)
Fast Charging	500 kW (0-80% in 19 min)
Price	$2.2-2.4 million
Production Run	Limited to 150 units

World Records and Racing Achievements

On May 17, 2023, the Nevera set 23 performance records in a single day, including:

• 0-60 mph: 1.74 seconds
• 0-249-0 mph: 29.93 seconds (0-400-0 km/h)
• Quarter mile: 8.25 seconds

On July 17, 2023, it set the record for fastest production EV at the Goodwood Festival of Speed with a 49.32-second run.

On August 18, 2023, driven by Croatian driver Martin Kodrić, the Nevera set the record for fastest production EV at the Nürburgring with a time of 7:05.298 minutes.

These achievements proved that electric hypercars could match or exceed the performance of traditional internal combustion supercars from Ferrari, McLaren, Lamborghini, and even Bugatti.

The Nevera R: Track-Focused Evolution

In August 2024, Rimac introduced the Nevera R, a more aggressive, track-focused version embodying the brand philosophy: Radical, Rebellious, Relentless.

The Nevera R improvements include:

Increased Power: 2,107 hp (up from 1,914 hp)
Better Cornering: 15% more downforce, 10% better aerodynamic efficiency
Improved Grip: New 21-inch rear wheels, 20-inch front wheels with Michelin Cup 2 tires
Advanced Brakes: EVO2 carbon ceramic brakes with silicon matrix
Weight Reduction: Lighter battery and optimized components
0-186 mph: 8.66 seconds (faster than standard Nevera)
Top Speed: 217 mph (with potential for 256 mph under Rimac oversight)
Production: Limited to only 40 units
Price: Starting at $2.5-2.7 million

The Nevera R Founder’s Edition, limited to just 10 units, offers an even more exclusive ownership experience with unique customization options.

Production of both the Nevera and Nevera R takes place at approximately one car per week, ensuring exceptional build quality and attention to detail.

Mate Rimac’s Complete Business Empire

Greyp Bikes: Electric Bicycle Innovation

In 2008, Mate founded Greyp Bikes, a sister company of Rimac Automobili focused on manufacturing high-performance electric bicycles. The company aimed to apply Rimac’s electric powertrain technology to two-wheeled transportation.

Greyp Bikes was later taken over by Porsche AG and is now known as Porsche eBike Performance GmbH, representing another successful exit for Mate’s ventures.

Rimac Group: Managing the Ecosystem

The Rimac Group, led by CEO Antony Sheriff and President Mate Rimac, manages the ecosystem of Rimac companies:

• Bugatti Rimac (55% ownership): Luxury hypercar manufacturing
• Rimac Technology (100% ownership): Battery and EV component supplier
• Investments in Verne: Future mobility solutions

Mate made the strategic decision to appoint Antony Sheriff as CEO of Rimac Group in 2024, allowing Mate to focus his time where he can be most impactful while maintaining his roles as CEO of both Bugatti Rimac and Rimac Technology.

As Mate explained: “Every time your company doubles in size, you’re running a new company.” With the business growing from one man in a garage to a €2+ billion valuation in 15 years, having three CEO roles became challenging even for someone as talented as Mate.

Commitment to Croatia

Despite numerous offers to relocate his business out of Croatia to automotive hubs like Germany or Silicon Valley, Mate has consistently refused. He’s stated his goal is to bring automotive manufacturers to Croatia, not to abandon his homeland.

This commitment has made him a national hero in Croatia, where he’s created thousands of high-tech jobs and put the country on the map as a center for automotive innovation. Motor Trend ranked Rimac ninth on their list of the biggest players in the auto industry, while Forbes named Mate one of the Top 30 Under 30 entrepreneurs in the world in 2017.

Mate was also named Croatian Entrepreneur of the Year in 2017 by EY Hrvatska (Ernst & Young Croatia).

Mate Rimac’s Personal Life and Family

Marriage to Katarina Lovrić

In July 2021, the same year as the Bugatti merger announcement, Mate married his childhood sweetheart Katarina Lovrić. The couple had known each other for 17 years and been in a relationship for seven years before tying the knot.

The wedding was held at Villa Dalmatia in Čapljina, Bosnia and Herzegovina, one of former Yugoslav leader Tito’s favorite residences. The intimate ceremony cost approximately $10,000 per day for the venue rental and was attended by only about 30 family members and friends.

However, recent reports from March 2025 indicate that Mate and Katarina have since divorced. Mate is now reportedly in a new relationship with Valentina Blažeković, though he keeps his personal life relatively private, focusing public attention on his business ventures.

Family Background

Mate’s parents, Zdenka and Ivan Rimac, worked hard to provide for their family. In Germany, Ivan worked in construction while Zdenka cleaned hotels. After returning to Croatia, Ivan founded a successful real estate and construction business.

Mate has a younger brother, Antonio Rimac, though Antonio stays out of the public spotlight compared to his famous sibling.

Inspirations and Personality

Mate frequently cites Nikola Tesla as his biggest influence and inspiration, fitting, given that both are innovators who pioneered electric technology and share Croatian heritage. Due to his accomplishments and ambition in the electric vehicle space, Mate is sometimes called “the European Elon Musk,” though he’s carved out his own distinct path focused on ultra-high-performance vehicles rather than mass-market EVs.

Known for his casual approach to business formality (like wearing shorts to press conferences), Mate grew a beard deliberately to look older when pitching to automotive executives in his twenties. He’s also known for his philosophy on success: over-delivering on promises and exceeding expectations at every turn.

Breaking Down Mate Rimac’s $4 Billion Net Worth

Primary Sources of Wealth

Rimac Group Ownership (35%): As the largest individual shareholder, Mate’s stake in Rimac Group, valued at over $2.14 billion as of October 2024, forms the core of his net worth.

Bugatti Rimac Control: Through Rimac Group’s 55% ownership of Bugatti Rimac, Mate effectively controls a legendary brand valued in the billions.

Rimac Technology Revenue: With annual revenue hitting $750 million in 2024 and partnerships with major automakers, this technology division provides substantial ongoing income.

Greyp Bikes Exit: The sale of Greyp Bikes to Porsche AG provided additional capital and demonstrated Mate’s ability to build valuable companies beyond automotive.

Real Estate and Assets: While Mate keeps his personal assets relatively private, his position requires maintaining a certain lifestyle, including property holdings in Croatia.

Net Worth Growth Timeline

Year	Estimated Net Worth	Key Event
2009	~$0	Founded Rimac Automobili
2011	~$1 million	First employee hired, Concept One unveiled
2018	~$100 million	Porsche investment, growing valuation
2021	~$2 billion	Bugatti merger, IPO discussions
2022	~$3 billion	Series D funding ($531M), $6B+ valuation
2024	~$3.6-4 billion	Revenue hits $750M, second-richest in Croatia
2025	~$4 billion (€2.3B)	Seeking Bugatti buyout, Nevera R launch

According to Nedeljnik, as of December 2024, Mate Rimac’s net worth is €2.3 billion ($2.5 billion), though other sources estimate his wealth closer to $4 billion when including his various holdings and the potential value unlocked through future exits or IPOs.

Comparison with Other Automotive Billionaires

While impressive, Mate’s $4 billion net worth is modest compared to automotive titans like:

• Elon Musk: ~$200+ billion (Tesla, SpaceX)
• Herbert Diess (former VW CEO): ~$50 million in compensation
• Christian von Koenigsegg: Estimated $500 million-1 billion

However, at age 36, Mate has decades ahead to continue building wealth. If he successfully buys out Porsche’s Bugatti stake and takes Rimac Group public, his net worth could multiply significantly.

Is Mate Rimac a Genius?

The question “Is Mate Rimac a genius?” appears frequently online, and the evidence strongly suggests yes:

Early Innovation: Winning international electronics competitions as a teenager, creating patented inventions by age 17, and building a world-record-setting electric car in his garage demonstrate exceptional technical ability.

Entrepreneurial Brilliance: Starting a company at 21, growing it to 1,000+ employees and a $6+ billion valuation, and convincing Porsche to hand over Bugatti shows extraordinary business acumen.

Technical Leadership: Rimac’s hypercars are engineering marvels that push the boundaries of what’s possible with electric performance, featuring innovations in battery technology, torque vectoring, and aerodynamics.

Strategic Vision: Recognizing early that electric could outperform combustion in supercars, and executing on that vision before Tesla even attempted performance vehicles, shows visionary thinking.

However, Mate himself would likely deflect the “genius” label, instead crediting his team of talented engineers, designers, and business professionals who helped turn his garage experiments into a global automotive brand.

The Future of Rimac and Bugatti

What’s Next for Mate Rimac?

Several major developments are on the horizon:

Bugatti Full Ownership: If negotiations succeed, Mate will gain complete control of Bugatti by 2026, allowing unfettered creative direction for the brand’s electric future.

Rimac Campus Completion: A €200 million, 200,000 m² state-of-the-art facility in Croatia will serve as the future home of both Bugatti Rimac and Rimac Technology, with capacity for 2,500 employees. Construction began in 2021 with expected completion soon.

Battery Production Scale-Up: Targeting 100,000 battery units annually between 2024 and 2026 positions Rimac Technology as a major supplier to the global automotive industry.

Next-Generation Hypercars: Development continues on successors to both the Bugatti Chiron and Rimac Nevera, likely incorporating even more advanced electric technology.

Potential IPO: With strong investor interest and a valuation exceeding $6 billion, an eventual public offering could unlock massive wealth for Mate and early investors.

Lessons from Mate Rimac’s Success

Mate’s journey from a bullied teenager to a billionaire CEO offers several powerful lessons:

Start small, dream big: Rimac began in a garage but aimed to revolutionize electric vehicles and succeeded.

Embrace failure as growth: Every setback, from the exploded BMW engine to early technical challenges, helped refine his vision.

Innovation drives success: Cutting-edge battery technology and powertrain components set Rimac apart from competitors.

Strategic partnerships matter: Investments from Porsche, Hyundai, and Kia fueled massive growth and credibility.

Stay true to roots: Refusing to abandon Croatia, Mate built a globally competitive company while uplifting his homeland.

Over-deliver constantly: Mate’s philosophy of exceeding expectations at every turn earned trust from investors, customers, and partners.

Final Thoughts

Mate Rimac’s net worth of $4 billion in 2025 represents far more than just financial success, it’s a testament to what’s possible when genius-level engineering talent meets entrepreneurial determination and strategic vision.

From converting a BMW in his parents’ garage to breaking world records, from founding a startup with zero employees to leading Bugatti, Mate has accomplished in 15 years what many don’t achieve in a lifetime. At just 36 years old, he’s already the second-richest person in Croatia and one of the most influential figures in the global automotive industry.

What makes Mate’s story particularly inspiring is its authenticity. He didn’t inherit wealth, didn’t get lucky with a viral app, and didn’t take shortcuts. He identified a vision, that electric could not only match but exceed combustion performance, and dedicated himself completely to proving it. The Nevera’s 23 world records in a single day vindicated that vision spectacularly.

As the automotive industry undergoes its most significant transformation in a century, shifting from internal combustion to electric power, Mate Rimac stands at the forefront. With Bugatti under his control, Rimac Technology supplying major automakers, and new hypercars in development, his influence will only grow.

The next chapter, potential full Bugatti ownership, Rimac Group IPO, and the launch of next-generation hypercars, promises to be even more exciting than the last. If Mate’s track record is any indication, expect more world records, more innovation, and yes, probably more press conferences in shorts.

For a kid who once struggled in school and got bullied for his accent, Mate Rimac has proven that with passion, persistence, and a willingness to work through the night on what you love, anything is possible. His $4 billion fortune is just the beginning.

Frequently Asked Questions