Hyundai/Kia investing $90 million in Croatian EV company Rimac

Hyundai/Kia investing $90 million in Croatian EV company Rimac

Korean automakers plan to develop new electric vehicles with Rimac.

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Hyundai Motor Group plans to invest $90 million (80% from Hyundai, 20% from Kia) in Rimac Automobili, a Croatian company that makes electric vehicle (EV) supercars.

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.

“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.”

Mate Rimac, Founder and CEO of 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 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.