Hyundai, Kia Invest $90M In Rimac For High-Performance EVs

Rimac teams up with Hyundai and Kia to build electric sportscars

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.

"Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles", says Euisun Chung, Executive Vice Chairman of Hyundai Motor Group.

The Hyundai Motor Group has investested heavily in hydrogen fuel cell technology alongside its full electric development plans, believing the technology can be a viable alternative to full EVs for low carbon emission vehicles.

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

"We believe that this technology partnership will create maximum value for our companies and their customers".

Rimac is most famous for building the Rimac Concept One, known at its introduction in 2016 as the world's fastest electric auto.

Rimac said it hopes its collaboration with Hyundai-Kia will strengthen its position as a Tier-1 electrification components supplier.

This is not the first carmaker Rimac has worked with to help develop electric cars.

Other automakers were impressed enough to contract with Rimac to supply electric powertrain components for vehicles such as the planned Pininfarina Battista. The company has its headquarters located on the outskirts of Zagreb, Croatia with a worforce strength of more than 500. In the new facilities that are now under way, Rimac is planning new high volume production lines for battery packs, powertrain systems and the C_Two hypercar production starting in 2020. With about 250,000 employees worldwide, the group's automobile brands include Hyundai Motor Co. and Kia Motors Corp.

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