BERLIN, (Reuters) – Rimac announced on Wednesday that it had raised 500 million Euros ($537 Million) in a new round of funding. But the chief executive at Croatian automaker Rimac cautioned that sales will have to reach twice that level before he considers a listing on the stock exchange.

Rimac stated that the new financing, which was led by Softbank and Goldman Sachs, as well as existing shareholders, brought the total value of the automaker to more than 2 billion euros.

Rimac CEO Mate Rimac indicated that the initial public offering will only be possible if revenue exceeds a billion.

It makes sense when we’re at this number,” he stated. When the hockey stick starts to flatten a little, it is stable and predictable. Currently, it is difficult to predict what will happen next year.

The Rimac Group is a Bugatti/Rimac joint venture that produces the Bugatti Chiron, an electric sportscar Nevera, and Bugatti Chiron. Porsche AG owns 45% of it. A separate technology company supplies powertrain components and batteries to other car manufacturers.

Rimac indicated that the majority of new funds will go to expanding manufacturing facilities and increasing volumes in technology, with Rimac stating the target of 100,000 batteries annually between 2024-2026.

Rimac stated that the carmaker currently employs over 1,500 people and plans to recruit 700 more in 2022. Rimac also said they are exploring other locations for plants. Italy is a possibility due to its high supply of skilled workers.

($1 = 0.9316 euros)