Hyundai signs €80mn partnership deal with Croatia's Rimac Automobili

Hyundai signs €80mn partnership deal with Croatia's Rimac Automobili
Founder and CEO of Rimac Automobili, Mate Rimac, and Euisun Chung, executive vice president of Hyundai Motor Group, shake hands after the deal is signed.
By bne IntelliNews May 14, 2019

South Korean carmaker Hyundai Motor Group has signed a €80mn strategic partnership deal with Croatia's Rimac Automobili, according to which the two companies will collaborate on the development of two high-performance electric vehicles by 2020, Rimac said on May 14.

The technology partnership deal with Rimac Automobili envisages a €64mn investment by Hyundai Motor Group and a €16mn investment by its subsidiary Kia Motors Corporation.

The companies will work together to develop an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.

“Hyundai Motors wants to speed up its transition to clean mobility and position itself as a global leader in launching this industry change,” the press release said. Among the steps it plans to take are to launch 44 electrified models by 2025.

Rimac has grabbed the attention of international carmakers as the industry focus shifts towards electric vehicles. The Croatian company already has a partnership with Porsche, which in 2018 acquired a 10% stake in the Croatian company as part of its electrification efforts.

"Rimac is an innovative company with extraordinary capabilities in high performance electric vehicles," said Euisun Chung, executive vice president of Hyundai Motor Group. "Their startup roots and rich experience in cooperation with car manufacturers combined with technological strength make Rimac an ideal partner for us. We look forward to working with Rimac on our path towards clean mobility.”

"We are very impressed with the vision of the Hyundai Motor Group and their quick and decisive initiatives. We believe that this technology partnership will create maximum value for both companies and clients,” commented founder and CEO of Rimac Automobili, Mate Rimac. 

“Rimac is still a young and relatively small but fast-paced company. We see a strong investor and technology partner in the Hyundai Motor Group and we believe that this cooperation will strengthen Rimac's position as an electronics partner for industry partners.”

 

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