Hyundai Motor Group to speculate €80M in Rimac; collaborating on high-performance EV and FCEV prototypes by 2020

Hyundai Motor Group and Rimac Automobili (Rimac) introduced a strategic partnership aimed to strengthen the Group’s efforts to steer the high-performance electrified automobile market and improve its standing as a sport changer in Clear Mobility. Beneath the brand new partnership, Hyundai Motor Firm and Kia Motors Company will every make investments €64 million and €16 million, respectively, for a complete mixed funding of €80 million in Rimac. The businesses will work intently collectively to develop prototypes for an electrical model of Hyundai Motor’s N model midship sports activities idea automotive and a high-performance gasoline cell electrical automobile with the intent to deliver them to market at a later time. Rimac is an progressive firm with excellent capabilities in high-performance electrical autos. Its startup roots and considerable expertise collaborating with automakers mixed with technological prowess makes Rimac the perfect companion for us. We look ahead to collaborating with Rimac on our highway to Clear Mobility. —Euisun Chung, Government Vice Chairman of Hyundai Motor Group Rimac was based in 2009 by Mate Rimac as a storage undertaking in Croatia with the imaginative and prescient to construct the sports activities automotive of the 21st century. It has since grown quickly, with its experience starting from high-performance electrical powertrains to varied management applied sciences and battery methods. Hyundai Motor Group will leverage the partnership to construct on its current R&D capabilities to satisfy its electrification plan, which incorporates deployment of 44 eco-friendly fashions by 2025. In the meantime, Hyundai Motor’s N model, devoted to high-performance autos, has been introducing acclaimed high-performance fashions such because the i30N and the Veloster N since its launch in 2015. Rimac is vertically built-in with most of the elements produced in home. The subsequent problem forward is to develop from a low-volume producer of advanced high-end electrification elements, to a longtime Tier-1 provider for the trade. Within the new services which can be at the moment beneath manner, Rimac is planning new excessive quantity manufacturing traces for battery packs, powertrain methods and the C_Two hypercar manufacturing beginning in 2020.