Hyundai Motor Group partners with Rimac to accelerate development of high-performance EVs.
- Hyundai Motor Group to invest EUR 80 million in Rimac Automobili (Hyundai Motor to invest EUR 64 million; Kia Motors to invest EUR 16 million)
- Companies to collaborate on high-performance EV and FCEV prototypes by 2020
- New partnership to enhance Group’s status as game changer in Clean Mobility
Hyundai Motor Group and Rimac Automobili (Rimac) have announced a strategic partnership aimed to strengthen the Group’s efforts to lead the high-performance electrified vehicle market and enhance its status as a game changer in Clean Mobility.
Under the new partnership, Hyundai Motor Company and Kia Motors Corporation will each invest EUR 64 million and EUR 16 million, respectively, for a total combined investment of EUR 80 million in Rimac. The companies will work closely together to develop prototypes for an electric version of Hyundai Motor’s N brand midship sports concept car and a high-performance fuel cell electric vehicle with the intent to bring them to market at a later time.
“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.”
“We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative,” said Mate Rimac, Founder and CEO of Rimac Automobili. “We believe this technology partnership will create maximum value for our companies and their customers. Rimac is still young and relatively small but a fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a Tier-1 electrification components supplier to the industry.”