Hyundai Motor Company and Kia Motors have announced a joint investment of €80m (US$89m) in Croatian sportscar company Rimac to develop two electric-powered high-performance vehicles by 2020.
Rimac, which was founded in 2009 by Mate Rimac who created his first electric car at the age of 21-years-old, has been developing electric hypercars and is continuing to grow from a low volume manufacturer into a Tier-1 supplier for the EV industry.
The collaboration will see the three automotive companies work together on developing an electric version of Hyundai’s sportscar N brand as well as a high-performance fuel cell electric vehicle.
“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Euisun Chung, executive vice chairman of Hyundai Motor Group. “Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us. We look forward to collaborating with Rimac on our road to Clean Mobility.”
It was revealed in the announcement that of the €80m investment in Rimac Automobili, Hyundai Motor contributed €64m (US$71.5m) and Kia Motors €16m (US$18m). Hyundai Motor Group, which owns Kia Motors, is aiming to accelerate its transition towards clean mobility and this technical partnership will help, as well as continuing to create exciting performance cars but powered by electric.
Founder and CEO of Rimac Automobili, Mate Rimac said: “We are very impressed by the Hyundai Motor Group’s vision and prompt and decisive initiative. We believe that this technology partnership will create maximum value for our companies and their customers. Rimac is still a young and relatively small but fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe that this collaboration will charge the company’s position as a Tier-1 electrification components supplier to the industry.”