Rimac and Hyundai Team Up on $90 Million EV Project
Companies to collaborate on high-performance EV and FCEV prototypes by 2020.
Hyundai has announced a new partnership with Rimac Automobili, the European electric supercar company that we covered on Team Speed not too long ago. The two automotive companies have decided to join forces, with an aim to “lead the high-performance electrified vehicle market and enhance its status as a game changer in clean mobility,” revealed Hyundai in a recent press statement.
Under the new partnership, Hyundai and Kia Motors Corporation will invest a combined total of approximately $90 million in Rimac. The companies will work closely together to develop prototypes for an electric version of
Hyundai Motor’s N brand midship sports concept car and a high-performance fuel cell electric vehicle with the intent to bring them to market at a later time.
“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. We look forward to collaborating with Rimac on our road to clean mobility.”
ELECTRIC AVENUE: Rimac Automobili’s Mate Rimac and Hyundai’s Euisun Chung sealing the deal.
By 2020, Hyundai is expected to have two high-performance cars as a result of this partnership: an N brand midship sports car, and a fuel cell electric vehicle, which is speculated to be branded as a Genesis. With access to new Rimac resources and experts, Hyundai also revealed that by 2025, the company will have deployed 44 tree-hugging electric models. Under the N brand, the i30N and the Veloster N will remain on the market (and no doubt, have even faster versions).
“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,” said Thomas Schemera, Executive Vice President and Head of Hyundai’s Product Division claims. “Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.”
“We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative,” added Rimac’s founder, Mate Rimac. “We believe this technology partnership will create maximum value for our companies and their customers. Rimac is still young and relatively small, but a fast-growing company. We see a strong investor and technology partner in Hyundai, and believe this collaboration will charger our position as a Tier-1 electrification components supplier to the industry.”
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