Hyundai Forms Partnership With Rimac By Investing €80M
This morning, Mate Rimac, CEO of Rimac Automobili and Euisun Chung, Executive Vice Chairman of Hyundai Motor Group met in Seoul to announce the two company’s newest strategic partnership. This new venture will allow the companies to further their respective electric vehicle programs.
In fact, Rimac is one of the leading EV manufacturers as it provides electric powertrains for various large auto makers such as Porsche with the new Taycan. The Croatian company also creates flagship all-electric hypercars like the Concept One.
With Rimac’s help, Hyundai is looking to make the transition towards cleaner vehicles as early as possible in accordance with numerous international laws reducing the sale of combustion powered vehicles. In fact, Euisun Chung has said that the partnership is aimed at creating an electric sportscar model under the N division which currently makes the i30N.
The partnership is also aimed at creating a high-performance fuel cell electric vehicle. This will probably come at the same performance level as Rimac’s new C_TWO. However, will fuel cell technology, the car would be expected to have a much larger range due to the technology’s added efficiency over batteries.
Euisun Chung flattered his company’s new partner saying, “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles.” He then added, “We look forward to collaborating with Rimac on our road to Clean Mobility.”
Matte Rimac said ““We are very impressed by the Hyundai Motor Group’s vision and prompt and decisive initiative. We believe that this technology partnership will create maximum value for our companies and their customers. Rimac is still a young and relatively small but fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe that this collaboration will charge the company’s position as a Tier-1 electrification components supplier to the industry.”