Hyundai and Kia invest €80m in Rimac for a technology partnership

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Hyundai and Kia invest €80m in Rimac for a technology partnership

Hyundai Motor Company and Kia Motors Corporation have jointly invested 80M Euros in Rimac Automobili. Rimac is a Croatian high-performance electric vehicle technology and sportscar company. The companies have announced a strategic partnership to collaborate on the development of high-performance electric vehicles.

With the new collaboration, Hyundai also aims to speed up its transition towards Clean Mobility. Rimac also delivers EV technology to many industry partners, including Hyundai Motor Group.

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Hyundai and Kia invest €80m in Rimac for a technology partnership

Hyundai Motor, Kia Motors, and Rimac will work closely together to develop an electric version of Hyundai Motor’s N brand mid-ship sports car and also 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. “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.”

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 also believe that this collaboration will charge the company’s position as a Tier-1 electrification components supplier to the industry.

 

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Amith Gowda

Amith Gowda

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