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Hyundai Motor Group invests €80m in Rimac


Hyundai Motor Group and Rimac Automobili (Rimac) have entered into a strategic partnership aimed to strengthen the Group’s position in the high-performance EVs and clean mobility markets.

Mate Rimac, Founder and CEO, Rimac Automobili and Euisun Chung, Executive Vice Chairman of Hyundai Motor Group

Under the new partnership, Hyundai Motor Company and Kia Motors Corporation will invest €64m and €16m respectively, for a total combined investment of €80 million into 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 of intorducing them into market in the future.

“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.”

Rimac was founded in 2009 by current CEO, Mate Rimac as a garage project in Croatia with the vision to build the sports car of the 21st century. It has since grown rapidly into a technology powerhouse, with its expertise ranging from high-performance electric powertrains to various control technologies and battery systems.

Hyundai Motor Group will leverage the partnership to build on its existing R&D capabilities to meet its electrification plan, which includes deployment of 44 eco-friendly models by 2025. Meanwhile, Hyundai Motor’s N brand, dedicated to high-performance vehicles, has been introducing acclaimed high-performance models such as the i30N and the Veloster N since its launch in 2015.

“We want to build high-performance vehicles that are not only fast and powerful but also meet the highest expectations of our customers as the car of their dreams,” said Thomas Schemera, Executive Vice President and Head of Hyundai Motor Group’s Product Division.