Hyundai and Kia invest in Rimac to make an electric sports car and high-performance fuel cell EV

14 May 2019, 06:00:22

Hyundai and Kia announced that they will jointly invest in Rimac Automobili for the creation of an electric sports car. Hyundai will invest EUR 64 million and Kia - EUR 16 million. This will fund the development of prototypes for an electric version of Hyundai'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," said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group. "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."

"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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