The Hyundai Motor Group has invested EUR 80 million (GBP 60 million) in Croatian electric hypercar company Rimac as part of a new technical partnership in which the two companies will develop two high-performance vehicles by 2020.
Under the agreement, Hyundai and Kia will collaborate with Rimac to produce a full electric version of the upcoming midship sports car from Hyundais N performance division, and a high-performance fuel cell vehicle.
The Hyundai Motor Group has invested heavily in hydrogen fuel cell technology along with its comprehensive electrical development plans, believing that the technology may be a viable alternative to low-carbon vehicles. Its goal is to expand its fuel cell production facilities to produce 700,000 units per year, and a high-performance fuel cell car could help showcase the technologys potential.
The GBP 80 million investment is shared between Hyundai, which has invested EUR 64 million (GBP 54,7 million), and Kia, which will invest EUR 16 million (GBP 13,7 million). Hyundai says the agreement will help accelerate its electrification plans and position the company “as a world leader in driving this change in the industry”.
Vice President of Hyundai Motor Group Euisun Chung said that Rimacs “roots and rich experience of working with automakers combined with its technological expertise” make it “the ideal partner”.
The press release did not reveal whether Hyundais investment gave it a stake in Rimacs property.
Last year, Porsche acquired a 10% stake in Rimac for an undisclosed sum, and that operation is part of a plan to incorporate Rimacs powertrain technology into future models. Rimac has also supplied technology to other companies, including Pininfarina for its Battista hypercar.