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.
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 electriccars.
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.
5 killed, 10 injured in midair seaplane collision in Alaska
The Royal Princess cruise is now sailing on a seven-day "Voyage of the Glaciers" cruise that departed from Vancouver on May 11. He said board member Jennifer Homendy also is travelling with the so-called "Go Team", which investigates major accidents.