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Mate Rimac, the founder of electric hypercar maker Rimac, said that the recent surge in using special purpose acquisition companies (SPAC) for raising funds for EV start-ups could backfire and harm the industry in the long term.

SPACs, also known as “blank check” shell corporations, are formed strictly to take other companies public without going through the regular IPO process. In addition, managers of SPAC companies are not held to the same level of liability about the potential growth prospects as the managers who raise funding through an IPO on equity markets, leading to concerns about a potential bubble.

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“You can get so much money now for companies that do not have a product. Personally I am scared a little bit,” Rimac said during the Financial Times Future of the Car web conference, Reuters reports.

“When we go public, I want to show the numbers, to go public on reality, and not on hype,” Rimac stated. “I hope that these SPACs will be successful. A lot of them won’t. I hope it won’t hurt the industry too much.”

SPACs are used to sidestep the IPO process as they offer a shorter preparation time and fewer legal obstacles, making it easier to tap the investor optimism towards electric vehicles.

“We were profitable last year, and we want to be profitable this year as well,” Rimac commented, adding that he built up his company by focusing on profitability rather than growth. Rimac was founded in 2009 and it now employs 900 people.

“For a start-up, we have built up steam the hard way,” he added. The Croatian company had to raise money by taking on development contracts for other carmakers, and today their shareholders include Porsche and Hyundai.

“We started with hypercars and we are now working with more mainstream vehicles,” Rimac added. “Want to be the leader in high performance electric vehicle components. Want to be the intel inside.”

Mate Rimac also declined to comment on recent reports claiming that his company would buy Bugatti from the VW Group, but he added rather cryptically “maybe soon”.


A young rapper by the name of Blueface has filmed himself driving his C8 Corvette Stingray at over 150 mph (241 km/h).

The clip in question was reposted on Instagram by saycheesetv and shows the rapper driving the mid-engined sports car with one hand on the steering wheel while his other hand holds his smartphone that records the whole thing.

It is unclear where exactly in the U.S. the video was filmed, but as the clip shows, the ‘Vette hit a top speed of 157 mph (252 km/h).

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It doesn’t take a genius to know that driving at speeds like these on a public road other than an unrestricted section of the German Autobahn is both illegal and dangerous. It is even more dangerous to drive at such speeds with one hand barely clasping the top of the wheel…

Sure, the C8 Corvette may look stable at these speeds, but if the car were to hit a bump, for instance, the rapper would have a hard time keeping it under control. It’s also impossible to predict what cars around you are going to do, further adding to the danger.

As a side note, you may also notice the redline of this Corvette is set at 4,000 rpm either because either the car is still in its break-in period or the engine isn’t warmed up yet. Either way, disregarding the limiter is not the smart thing to do.

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If live in the States and are in the market for an affordable and reliable sedan, the current Honda Civic Sedan starts at a very reasonable $21,050. However, there’s a 21-year-old example out there that’s going for considerably more than that.

The 1999 Civic Si in question is painted in Electron Blue and was purchased by the seller back in April 2018 for $24,027. Since then, the prices of pristine Hondas from the late 1990s and early 2000s has skyrocketed and at the time of writing, bidding on the car had already exceeded $36,000 with one day left into the auction.

Read Also: Pristine 2000 Honda Civic Si Sells For An Insane $50,000

According to the current Bring A Trailer auction, the car is being sold with its original purchase documentation, a Honda car cover, owner’s manuals, two keys with fobs, service records, an accident-free Carfax report and a clean California title in the seller’s name. It also has an open recall for its Takata airbag inflators.

Moreover, the car sits on its factory 15-inch alloy wheels wrapped in Michelin XGT V4 tires and includes brake discs at all four corners. As this is a Si model, it also sports a front strut tower brace and stiffened suspension.

Inside, there’s dark gray fabric with patterned inserts on the seats and a matching dashboard. A look at the odometer reveals the car has been driven a touch over 12,000 miles (~19,300 km), of which the current owner has only added 140 miles in the last two and half years.

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