Hyundai Motor and Kia Motors invest 80m Euro in Rimac, will establish technology partnership too

The partners will also 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. 

Autocar Pro News Desk By Autocar Pro News Desk calendar 14 May 2019 Views icon6484 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Crotia-based Rimac Automobili, which develops and manufactures key electrification systems for global automotive companies, as well as electric hypercar maker has got another set of OEMs betting on the company's capabilities. Rimact today announced that it has received a combined investment of 80 million euro (Rs 633 crore) from Hyundai Motor (64 million euro or Rs 506 crore) and Kia Motors (16 million euro or Rs 127 crore).

In addition, Rimac and Hyundai Motor Group will also form 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 partners — Hyundai Motor, Kia Motors and Rimac — will also 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. 

Commenting on the partnership, Euisun Chung, executive vice-chairman, Hyundai Motor Group said: “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. 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.” 

Mate Rimac, founder and CEO, Rimac Automobili, 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."

Also read: Pininfarina Battista all-electric hypercar breaks cover at Geneva Motor Show

Porsche acquires 10% stake in Rimac

Rimac's second electric hypercar: 120kWh battery and 'full autonomy'

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