Hyundai and Kia invest nearly £70m in Rimac

Hyundai and Kia have jointly invested nearly £70m in Rimac Automobili to collaborate on the development of two high-performance electric vehicles by 2020.

Rimac, founded in 2009, currently develops key electrification systems for car companies across the globe, as well as producing its own performance electric hypercars. Located in Croatia, it is planning to commence production of its C_Two hypercar in 2020.

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.”

Mate Rimac, founder and CEO of Rimac Automobili, 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.”

This is Rimac’s first major partnership with a major manufacturer group. It plans to help Kia and Hyundai develop an electric sports car for Hyundai’s N performance brand, as well as a fuel cell electric vehicle, thanks to their investment of €80m (£69.4m).

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