Hyundai Motor Group invests US$90m in Rimac Automobili

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Hyundai Motor Group and Rimac Automobili have announced a strategic partnership aimed at strengthening the Korean OEM’s capabilities in the high-performance electrified vehicle market and enhance its status in the clean mobility movement.

Under the new partnership, Hyundai Motor Company and Kia Motors Corporation will each invest €64m (US$72m) and €16m (US$18m), respectively, for a total combined investment of €80m (US$90m). The companies will work 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.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Euisun Chung, executive vice chairman of Hyundai Motor Group. “Its startup roots and abundant experience collaborating with auto makers 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 Motor Group will also 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.

“We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative,” said Mate Rimac, founder and CEO of Rimac Automobili. “We believe this technology partnership will create maximum value for our companies and their customers.

“Rimac is still young and relatively small but a fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a Tier-1 electrification components supplier to the industry.”

“We want to build high-performance vehicles that are not only fast and powerful but also meet the highest expectations of our customers as the car of their dreams,” said Thomas Schemera, executive vice president and head of Hyundai Motor Group’s product division.

“Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.”

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Sam joined the UKi Media & Events automotive team in 2017. Having started out as assistant editor for a number of titles including Automotive Powertrain Technology International, Automotive Testing Technology International and Professional Motorsport World, he was appointed editor of PTI in 2020. Sam produces content for both the magazine and website.

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