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

Top 10 best seven-seater electric and hybrid cars 2021
Mercedes EQB
Best cars

Top 10 best seven-seater electric and hybrid cars 2021

If the regular crop of electrified SUVs and family cars don’t provide enough practicality for you, then take a closer look at the range of electric an…
5 Oct 2021
Top 10 best luxury electric cars 2021
BMW iX
Best cars

Top 10 best luxury electric cars 2021

From Audi to Tesla, here are our top picks of the most luxurious zero-emissions motoring options on the market right now
7 Oct 2021
2021 Volvo XC40 Recharge electric SUV: single-motor version on sale now
Volvo XC40 Recharge
Volvo XC40 Recharge electric

2021 Volvo XC40 Recharge electric SUV: single-motor version on sale now

Volvo has introduced a new single-motor version of its electric SUV, available in two trim levels and with prices starting from £48,300
20 Oct 2021