Hyundai and Kia invest 80 million euros in Rimac
Hyundai and Kia are together investing 80 million euros into Rimac Automobili. The Korean carmakers and the Croatian company are also entering into a strategic partnership for the joint development of both battery electric and fuel cell, high-performance EVs.
Hyundai and Kia share the investment sum in different parts: While the former are loosening up 64 million euros, the latter are investing 16 million euros. 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 electric models by 2025. Rimac and Hyundai Group will collaborate on two high-performance electric vehicles by 2020.
Founder and CEO of Rimac Automobili, Mate Rimac said: “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.”
Euisun Chung, Deputy Chairman of the Hyundai Motor Group, is appreciative of the technological know-how and rich experience that the Croatian company has in working with automobile manufacturers: “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” he said. Indeed, Rimac has made a name for itself by specializing in electric vehicle technologies and sports cars. Almost a year ago, Porsche acquired a ten per cent stake in the company. Last year Rimac also signed a cooperation agreement with Pininfarina and the Seat brand Cupra. Other partners of the company include Aston Martin, Renault and Koenigsegg.
Rimac had recently presented its own model with the electric vehicle “C Two” at the 2018 Geneva Motor Show. The two-seater has an incredible power output of 1,408 kW and a top speed of 412 km/h and is equipped with a new electric motor. It has a range of 650 NEDC kilometres and can be charged to 80 per cent SOC within half an hour using a 250 kW rapid charging system.
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