Hyundai Motor Group will invest $85.6 million in Rimac

Hyundai Motor Group announced it will partner with Croatian car manufacturer Rimac to develop a prototype of an electrified Hyundai N-brand concept car and high-performance EV. The partnership will entail a combined $85.6 million investment from Hyundai and Kia.

Euisun Chung, Hyundai Executive Vice Chairman, said, “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us.”

Mate Rimac, Rimac founder and CEO, said, “We believe this technology partnership will create maximum value for our companies and their customers. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a Tier-1 electrification components supplier to the industry.”

Source: Hyundai