Hyundai and Kia invest 80m euros in Rimac

A strategic partnership aims to lead the high-performance electric vehicle market and enhance status as a game changer in clean mobility.

Hyundai Motor Group and Kia Motors Corporations will each invest EUR 64 million and EUR 16m respectively, totalling EUR 80m, in Rimac Automobili, a high-performance EV technology and sportscar company.

The companies will work together to develop prototypes for an electric version of Hyundai Motor’s N brand mid-ship sports concept cars and a high-performance fuel cell EV.

“We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative,” says Rimac Automobili founder and chief executive officer Mate Rimac.

“We believe this technology partnership will create maximum value for our companies and their customers. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a tier-one electrification components supplier to the industry.”

Hyundai Motor Group executive vice chairman Euisun Chung says Rimac’s startup roots, experience collaborating with automakers and technology makes it an ideal partner.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” says Chung.

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.

“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,” says Hyundai Motor Group executive vice president Thomas Schemera.

“Our goal is to popularise electric vehicles and to create social value through world-class technology and innovation in performance.”