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Hyundai and Kia invest in Rimac

Published on: May 15, 2019
Hyundai and Kia invest in Rimac

What's the news?

The rise of Croatian EV specialist firm, Rimac Automobili, continues as Hyundai Motor Company and Kia Motors Corporation announced a joint investment worth €80 million. The new strategic partnership will focus on the development of high-performance electric vehicles, something that Rimac already has good experience of doing.

Specifically, Hyundai will use Rimac's expertise to assist with the development of its mid-engined that will be the flagship model for its performance 'N' sub-brand. Already Hyundai has released i30 N and i30 Fastback N models in Europe, while in the US the Veloster N is currently on sale.

Commenting on the deal, Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, said: "Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. 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 believe that this collaboration will charge the company's position as a Tier-1 electrification components supplier to the industry."

Anything else?

This latest investment isn't the first collaboration for Rimac with automakers. The company is currently working with Automobili Pininfarina on the development of the Battista, which is set to be the most powerful production electric car. It made its public debut at the Geneva Motor Show, boasting a total power output of 1,900hp and blistering acceleration with a 0-100km/h time under two seconds, and is set to begin deliveries in 2020.

Additionally, Rimac also produces its own electric hypercars and is currently developing its latest model which is to be called the C_Two and is due to begin deliveries next year.

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