Business

Hyundai and Kia invest 80 million euros in Croatia’s Rimac

Automotive giants Hyundai and Kia have invested 80 million euros in Croatian electric car company Rimac, hoping that the partnership will lead to further development of high-performance electric vehicles.

Rimac has already established itself as a leader in high-performance electric vehicle technology and as an electric sports car manufacturer, and with its investment in the company, Hyundai Motor Group aims to speed up its transition towards clean mobility and position itself as a global leader in driving this change in the industry.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Euisun Chung, executive vice chairman of Hyundai Motor Group. “Its start-up 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.”

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

“We are very impressed by the Hyundai Motor Group’s vision and prompt and decisive initiative,” commented Rimac’s founder and CEO, Mate Rimac. “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.”

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