Hyundai and Kia Investing 600 Million Kuna in Rimac Automobili

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Hyundai Motor Company and Kia Motors Corporation, part of Hyundai Motor Group, have invested 600 million (80 million euro) in Rimac Automobili. Hyundai Motor has invested 474 million kuna (64 million euros) and Kia Motors 126 million kuna (16 million euro). The first joint project will be cooperation on the development of two high-performance electric vehicles, reports on May 14, 2019.

This is excellent news for Rimac Automobili, but also Croatia, as the company from Sveta Nedjelja should help the South Korean automobile giant in the transition to the so-called clean mobility. Hyundai Motors wants to speed up its transition to clean mobility and position itself as a global leader in launching the industry change. One of the key measures to achieve this is the electrification that the Hyundai Motor Group hopes will help produce 44 electrified models planned by 2025.

Rimac has established themselves as a leader in high-performance electric vehicle technology and as an electric sports car manufacturer. The company delivers EV technology supporting many industry partners, including Hyundai Motor Group, to accelerate their way towards an electric future, Rimac Automobili announced in a press statement.

Hyundai Motor, Kia Motors and Rimac will work closely together to develop an electric version of Hyundai Motor’s N brand sports car and a high-performance fuel cell electric vehicle. “Rimac is an innovative company with extraordinary capabilities in high-performance electric vehicles,” said Euisun Chung, vice president of Hyundai Motor Group. “Their start-up roots and rich experience in cooperation with car manufacturers combined with technological strength make them an ideal partner for us. We look forward to working with them on our path to clean mobility. “

Founder and CEO of Rimac Automobili Mate Rimac said: “We are very impressed with the vision of the Hyundai Motor Group and with quick and decisive initiatives, and we believe that this technology partnership will create maximum value for both companies and customers. Rimac is still young and relatively small, but we are a fast-paced company. We believe that this cooperation will strengthen Rimac’s position as a supplier of technology for industrial partners. “

According to the company’s website, Rimac Automobili was founded in 2009 by Mate Rimac. Today, Rimac develops and manufactures critical electrification systems for many global automotive companies, and at the same time, raises the bar for performance EVs with their electric hypercars. The company employs more than 500 people with plans for strong future growth. Rimac is planning new high-volume production lines for battery packs, powertrain systems and the C_Two hypercar production starting in 2020.

More Rimac Automobili news can be found in the Business section.

Translated from


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