Hyundai Motor Group to invest €80M in Rimac; collaborating on high-performance EV and FCEV prototypes by 2020
Hyundai Motor Group and Rimac Automobili (Rimac) 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 €64 million and €16 million, respectively, for a total combined investment of €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 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.—Euisun Chung, Executive Vice Chairman of Hyundai Motor Group
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, with its 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.
Rimac is vertically integrated with many of the components produced in house. The next challenge ahead 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.