Published: Thu, May 16, 2019
Economy | By

Hyundai and Kia invest R1,2 billion in Rimac tech

Hyundai and Kia invest R1,2 billion in Rimac tech

Rimac is a Croatian electric auto manufacturer which creates high-performance EVs and sports cars.

Both Hyundai and Kia have confirmed that Rimac technology will be used to develop electric variants of future models, including Hyundai N's proposed mid-engined sportscar.

Hyundai Motor Group has partnered with Rimac Automobili to develop an electric version of its upcoming N Performance mid-engined sports vehicle, along with a high-performance fuel-cell auto.

The plan is a "strategic partnership to collaborate on the development of high-performance electric vehicles", Hyundai aiming to "speed up its transition towards clean mobility and position itself as a global leader in driving this change in the industry".

Mate Rimac, Founder and CEO, Rimac Automobili said, "We believe this technology partnership will create maximum value for our companies and their customers". Today that continues, with Hyundai and Kia having jointly invested €80m (€64m Hyundai, €16m Kia) into Croatian company, Rimac. The first project will be an electric version of Hyundai's mid-engined N sports auto - a project that extends back to 2015, with the RM15 - followed by a high performance fuel cell EV.

Now one of the world's largest auto groups has gotten involved and is seeking Rimac's expertise in developing more efficient and powerful electric powertrains. Its prowess has already attracted a 10% ownership stake from Porsche, which just happens to be part of the Volkswagen Group. The company is vertically integrated with numerous components produced in house. Rimac believes the next challenge ahead for the brand is to grow from a low volume manufacturer of complex high-end electrification components, to an established Tier-1 supplier for the industry.

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