SEOUL, AJU - South Korea’s Hyundai auto group made a strategic investment in Rimac Automobili, a technology powerhouse based in Croatia, to develop prototypes for an electric sports concept car and a high-performance fuel cell electric vehicle.
Under its partnership signed in Zagreb, Hyundai Motor and its affiliate Kia Motors will invest 80 million euros together in Rimac. Hyundai said the partnership would help boost the development of its high-performance N brand models and hydrogen fuel cell vehicles.
“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Hyundai auto group executive vice chairman Chung Eui-sun said in a statement published on Tuesday. “Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us.”
“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, an executive vice president who heads Hyundai’s product division. “Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.”
Rimac founder and CEO Mate Rimac said the partnership with Hyundai would support the goal of becoming a “Tier-1 electrification components supplier.” Rimac’s expertise ranges from high-performance electric powertrains to various control technologies and battery systems.