Hyundai, Kia and Rimac to collaborate on electric sports cars

€80 million investment in Rimac from Hyundai and Kia will lead to electric and fuel-cell sports cars

Rimac Concept One

Rimac has announced an €80 million (£69.5 million approx) investment from South Korean carmakers Hyundai and Kia, with Hyundai contributing €64 million (£55.4 million approx) and Kia €16 million (£13.9 million approx).

Hyundai and Kia will also form a technical partnership with the Croatian supercar maker to develop high-performance electric sports cars.

The first fruits of this collaboration will be an electric version of the forthcoming Hyundai 'N' mid-engined sports car, as well as a high-performance fuel-cell electric vehicle.

Commenting on the investment, Euisun Chung, executive vice chairman of Hyundai Motor Group, said: “[Rimac's] startup roots and abundant experience collaborating with automakers combined with technological prowess makes [it] the ideal partner for us."

Mate Rimac, the founder and CEO of Rimac, added: “We are very impressed by the 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."

Rimac was founded in 2009 and is best known for its ultra-fast Concept One supercar, but it has also supplied electrical components to several major carmakers: most notably, it's providing the powertrain for the forthcoming 1,873bhp Pininfarina Battista.

A second model, the C_Two, is on the way in 2020.

Most Popular

Tesla Supercharger network opens to other EVs in the UK
Tesla Supercharger
Tesla

Tesla Supercharger network opens to other EVs in the UK

15 stations and 158 chargers across the Supercharger network are now open for other electric-car users in the the UK
18 May 2022
New electric cars coming in 2022 and beyond
Polestars under cover
Coming soon

New electric cars coming in 2022 and beyond

With electric cars making up an ever-increasing proportion of sales, the industry is working flat out to launch new models – here's what's on the way …
19 May 2022
New Polestar 3 electric SUV to be unveiled in October 2022
Polestar 3
Polestar

New Polestar 3 electric SUV to be unveiled in October 2022

Polestar’s large electric SUV will be followed by a sporty coupe-SUV called the Polestar 4 in 2023 and the flagship Polestar 5 saloon in 2024
19 May 2022