Hyundai Motor Group, which consists of Hyundai Motor Company and Kia Motors Corporation, has announced it will partner with Rimac Automobili (Rimac) to further develop high-performance electrified vehicles.
 
As part of the deal, Hyundai Motor Company and Kia Motors Corporation will invest €80 million in Rimac (€64 million and €16 million respectively).
 
The companies will work together to develop prototypes for an electric version of the Hyundai N midship sports concept car, as well as a high-performance fuel cell electric vehicle by 2020. The end goal is to bring them to market.
 
“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group.
 
“Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us.”
 
Rimc was founded in 2009 in Croatia by Mate Rimac with the goal of creating the sports car of the 21st century. It has since grown rapidly with expertise ranging from high-performance electric powertrains to various control technologies and battery systems.
 
Thomas Schemera, Executive Vice President and Head of Hyundai Motor Group’s Product Division, added, “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.
 
“Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.” 
 
Currently, Hyundai Motor’s N brand is committed to developing performance vehicles which include the i30 N and Veloster N.
 
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