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Hyundai Motor Group partners with Rimac to accelerate development of high-performance EVs

Hyundai Motor Group and Rimac have announced a strategic partnership aimed 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 and €16 million, respectively, for a total combined investment of €80 million in Rimac. 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.

“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.”

Rimac was founded in 2009 by Mate Rimac as a garage project in Croatia with the vision to build the sports car of the 21st century. It has since grown rapidly into a technology powerhouse, with its expertise ranging from high-performance electric powertrains to various control technologies and battery systems.

Hyundai Motor Group will leverage the partnership to build on its existing R&D capabilities to meet its electrification plan, which includes the deployment of 44 eco-friendly models by 2025. Meanwhile, Hyundai Motor’s N brand, dedicated to high-performance vehicles, has been introducing acclaimed high-performance models such as the i30N and the Veloster N since its launch in 2015.

“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.”