Hyundai and Kia invest €80 Million in Rimac; Will develop high-performance electric vehicles by 2020

Seems like Rimac will pave the future of mobility with everyone from Porsche, Pininfarina, Aston Martin partnering, investing or even buying off shares in the company. Now Hyundai has announced their investment into the Croatian EV technology firm.

By: | Published: May 14, 2019 4:30 PM

Rimac has already partnered with Pininfarina for the Battista, and will also supply the electric components to Aston Martin’s outrageous hybrid powertrain for the Valkyrie. Rimac is also working with Porsche towards their electric projects after the German brand acquired 10% of the company early last year.

Now, the Hyundai Motor Group has decided to collaborate with the Croatian electric technology company – Rimac with a massive investment to develop two electric high-performance cars said to arrive in the market by next year. Hyundai Motor Company and Kia Motors Corporation, both of which fall under the Hyundai Motor Group umbrella, will jointly invest €80 million in Rimac Automobili, the Croatian high-performance electric vehicle technology and sportscar company.

Hyundai Motor Company will invest €64 million, while Kia Motors Corporation will invest the remaining €16 million into the Rimac. This investment will be towards the collaborative development of two high-performance electric vehicles, which are said to be introduced globally by 2020. Hyundai, Kia and Rimac will work together to develop an EV version of Hyundai’s ‘N’ performance brand to deliver one “mid-ship sports car” and one high-performance fuel cell electric vehicle.

Eusium Chung, Executive Vice Chairman of Hyundai Motor Group said that Rimac’s startup roots, abundant experience, technological prowess and collaborations with other automakers that makes Rimac an ideal partner for the Korean company.

Founder and CEO of Rimac Automobili, Mate Rimac said he believes that this technology partnership will create maximum value for its companies and customers. Though Rimac is young and relatively small, it is growing quickly, and a strong investor like Hyundai can accelerate the company’s position as a Tier-1 electrification components supplier to the industry.

Among the two EV’s that three brands will be developing, the “midship Sportscar” could be something similar to the 2014 Veloster Midship concept which was later updated to the RM15 mid-engined concept in 2015. Hyundai re-updated it with the RM16 N in 2016 with the first test mule spotted last year. However, all three models are rear engined midship cars powered by ICE engines. While Hyundai did reveal plans for a flagship halo car for the N brand, which would also be a mid-engined model, it could be the same vehicle designed to accommodate an electric powertrain.

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