Hyundai Motor, Kia Motors to invest EUR 80 million in Rimac Automobili

Hyundai Motor Company and Kia Motors Corporation have jointly invested EUR 80 million in Croatian technology and electric sports car company Rimac Automobili. Hyundai and Rimac Automobili will also join forces in the development of high-performance electric vehicles (EVs).

According to Rimac Automobili’s news release, Hyundai Motor will invest EUR 64 million, while Kia Motors will add EUR 16 million. Rimac and Hyundai Motor Group will establish a technical partnership to collaborate on two high-performance electric vehicles by 2020.

With the new collaboration underway, Hyundai Motor Group aims to speed up its transition towards clean mobility and position itself as a global leader in driving this change in the industry, the news release reads.

Hyundai Motor, Kia Motors and Rimac will work closely together to develop an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.

Rimac continues to deliver EV technology supporting many industry partners, including Hyundai Motor Group, to accelerate their way towards an electric future.

At the end of 2018, Rimac Automobili secured a EUR 30 million loan for investment in research and development of EVs. Six months earlier Porsche AG bought 10% of Rimac Automobili.

Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, said that Rimac is an innovative company with outstanding capabilities in high-performance EVs.

“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,” he said.

Founder and CEO of Rimac Automobili, Mate Rimac said that he is very impressed by the Hyundai Motor Group’s vision and prompt and decisive initiative.

“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,” Rimac said.