Hyundai Motor Group on Tuesday has entered into a strategic partnership with Rimac Automobili (Rimac) 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 euros and 16 million euros, respectively, for a total combined investment of 80 million euros in Rimac, the company said in a statement.
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.
Euisun Chung, Executive Vice Chairman, Hyundai Motor Group said, “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.”
According to the company, 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.
Mate Rimac, Founder and CEO, Rimac Automobili said, “We believe this technology partnership will create maximum value for our companies and their customers. Rimac is still young and relatively small but 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,” he added.