Hyundai and Kia invest US$90m in Croatian EV maker Rimac

Hyundai Motor Company and Kia Motors Corporation have jointly invested US$89.8m (₩80m) in Croatian EV maker Rimac Automobili. The three companies will work closely together to develop an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. Its startup roots and abundant experience collaborating with auto makers combined with technological prowess makes Rimac the ideal partner for us. We look forward to collaborating with Rimac on our road to Clean Mobility,” said Euisun Chung, executive vice chairman of Hyundai Motor Group.

Founder and CEO of Rimac Automobili, Mate Rimac, added, “We are very impressed by 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.”