Hyundai and Kia invest 80 million in Croatian electric vehicle company

Rimac and Hyundai

Rimac and Hyundai

The majority of the investment has come from Hyundai, and as part of the deal the two Korean automakers will establish a technology partnership with Rimac with the initial task of developing a pair of high-performance electric cars due by 2020.

Hyundai and Kia, respectively, have committed 64 million and 16 million Euro to Rimac that will help the group develop 44 "eco-friendly models" by 2025.

Under the agreement, Hyundai and Kia will collaborate with Rimac to produce a full electric version of the forthcoming "midship" sports auto from Hyundai's N performance division, and a high-performance fuel cell vehicle.

"Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us", said Euisun Chung, executive vice-chairman of Hyundai Motor Group.

Founded by Mate Rimac, the incumbent CEO of Rimac in 2009, the company is a leader in the development of electric race cars and vehicle systems for electric hypercars.

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Hyundai confirmed previous year that is working on a halo sportscar for its N brand, possibly based on the RM16 hatchback concept shown in 2016. The company has since connected up with Porsche, Aston Martin, Pininfarina, and other companies to help those companies make the most of electric vehicle technology.

But even more mainstream manufacturers are shifting focus, betting that by not only extending range but boosting performance they can appeal to a broader swath of buyers - and also command more of a premium for their future electric vehicles.

The Croatian company has gone from strength to strength, focusing on producing some of the highest performance battery drivetrains on the market. It also develops and produces drivetrains and battery systems for hyper-EVs.

Hyundai Motor Group is a global corporation that has created a value chain based on automobiles, steel, and construction and includes logistics, finance, IT and service.

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