Hyundai Motor & KIA Motors invests €80M in Rimac Automobili

Hyundai Motor to invest EUR 64 million and Kia Motors will invest EUR 16 million in the Croatian high-performance electric vehicle technology company. At the same time Rimac and Hyundai Motor Group are forming a technical partnership to collaborate on two high-performance electric vehicles by 2020.

Hyundai Motor Company and Kia Motors Corporation have jointly invested EUR 80 million in Rimac Automobili. The companies have announced a strategic partnership to collaborate on the development of high-performance electric vehicles. With the new collaboration underway, Hyundai Motor Group aims to speed up its transition towards Clean Mobility and position itself among the top in driving this change in the industry.

Rimac has already established itself a name as a high-performance electric vehicle technology and as an electric sportscar manufacturer. The company continues to deliver EV technology supporting many industry partners, including Hyundai Motor Group, to accelerate their way towards an electric future.

Hyundai Motor, Kia Motors and Rimac will work closely together to develop an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” says Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, ina press release. “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 adds: “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.”

Rimac’s back story is fascinating. The company was founded in 2009 by then 21-year-old Mate Rimac who developed an electric vehicle in his garage. Today, the company has 500 people working. Aside from supplying parts to manufacturers, specifically high-voltage battery technology and electric powertrains, it designs in-car digital interfaces, runs a subsidiary-focused on electrics, and develops impressive electric “hypercars”.