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Hyundai signs 80 mln euro EV partnership deal with Croatia's Rimac Automobili

Author Iskra Pavlova
Hyundai signs 80 mln euro EV partnership deal with Croatia's Rimac Automobili Photo: All Rights Reserved

ZAGREB (Croatia), May 14 (SeeNews) - Hyundai Motor has signed a 80 million euro ($90 million) strategic partnership deal with Croatia's Rimac Automobili, planning to collaborate on the development of two high-performance electric vehicles (EVs) by 2020, Rimac said on Tuesday.

The technology partnership deal envisages a 64 million euro investment by Hyundai Motor and a 16 million euro investment by its subsidiary Kia Motors Corporation, Rimac said in a statement after the signing of the contract.

With the deal, Hyundai Motor Group aims to speed up its transition towards clean mobility, becoming a leading driver towards this change in the industry, the statement reads.

In particular, the collaboration of the three companies will result in developing an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle. 

"Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us," Hyundai Motor Group's executive vice president, Euisun Chung, was quoted as saying in the statement. "We look forward to collaborating with Rimac on our road to Clean Mobility." 

Rimac specialises in high-performance electric vehicle technology and manufactures electric sportscars.

"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," Rimac founder and CEO, Mate Rimac, said.

($ = 0.889680 euro)