South Korea’s two largest automakers, Hyundai and Kia, have jointly invested €80 million ($89.9 million) in Croatian electric hypercar manufacturer Rimac Automobili.
The three companies have announced a strategic partnership to collaborate on the development of high-performance electric cars.
It comes as part of Hyundai Motor Group’s plans to speed up its transition towards zero-emissions mobility. The company, which is the world’s third-largest vehicle manufacturer by production volume, owns a 33.88 percent stake in Kia Motors.
The partnership will work to develop an electric version of Hyundai’s N brand sports car and a high-performance fuel cell electric vehicle by 2020.
Hyundai has contributed €64 million ($71.9 million) of the investment, while the remaining €16 million ($18 million) has come from Kia.
“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.”
Added Rimac founder and CEO Mate Rimac (pictured above with Euisun Chung): “We are very impressed by the Hyundai Motor Group’s vision and prompt and decisive initiative.
“We believe that this technology partnership will create maximum value for our companies and their customers. Rimac is still a young and relatively small but fast-growing company.
“We see a strong investor and technology partner in Hyundai Motor Group and believe that this collaboration will charge the company’s position as a Tier-1 electrification components supplier to the industry.”
Porsche acquired a ten percent stake in Rimac last year, which also formed a technical partnership with Cupra to develop SEAT’s ETCR car.
Alongside SEAT subsidiary Cupra, Hyundai is the only other brand publicly committed to ETCR, as revealed by e-racing365.