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Hyundai and Kia Motors invest 80 million Euros in Rimac for development of high-performance electric vehicles

Aditya Chatterjee  | Published: May 15, 2019, 10:25 AM IST

Rimac is a Croatian high-performance electric vehicle technology and sportscar company that has been in news for sometime now. Be it about Porsche acquiring 10 per cent stake in the EV company or providing the electric powertrain for the Mahindra-owned Pininfarina's electric hypercar, the Battista. And now there is a new update on the brand getting an investment of 80 million Euros from Hyundai and Kia to co-develop high-performance electric vehicles, that are expected to hit production sometime next year.

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

The official statement mentions, Hyundai Motor, Kia Motors and Rimac will work on the development of 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," 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."

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.

Rimac develops and manufactures key electrification systems for many global automotive companies. The company has its headquarters located on the outskirts of Zagreb, Croatia with a worforce strength of more than 500. Rimac believes  the next challenge ahead for the brand is to grow from a low volume manufacturer of complex high-end electrification components, to an established Tier-1 supplier for the industry. In the new facilities that are currently under way, Rimac is planning new high volume production lines for battery packs, powertrain systems and the C_Two hypercar production starting in 2020.

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