e-Mobility

Hyundai Motor to accelerate development of EVs by partners with Rimac

Hyundai Motor Group and Rimac Automobili (Rimac) have announced a strategic partnership aimed to strengthen the Group’s efforts to lead the high-performance electrified vehicle market and enhance its status as a game changer in Clean Mobility.

Under the new partnership, Hyundai Motor Company and Kia Motors Corporation will each invest EUR 64 million and EUR 16 million, respectively, for a total combined investment of EUR 80 million in Rimac.

The companies will work closely together to develop prototypes for an electric version of Hyundai Motor’s N brand midship sports concept car and a high-performance fuel cell electric vehicle with the intent to bring them to market at a later time.

Rimac was founded in 2009 by Mate Rimac as a garage project in Croatia with the vision to build the sports car of the 21st century. It has since grown rapidly into a technology company having expertise ranging from high-performance electric powertrains to various control technologies and battery systems.

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 eco-friendly models by 2025. Meanwhile, Hyundai Motor’s N brand, dedicated to high-performance vehicles, has been introducing acclaimed high-performance models such as the i30N and the Veloster N since its launch in 2015.

Source: Press Release

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