Hyundai and Kia Invest 80 Million Euros In Rimac
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Hyundai Motor Company and Kia Motors Corporation have jointly invested 80 million Euros in Rimac Automobili – the Croatian high-performance electric vehicle technology and sportscar company. Hyundai Motor will invest 64 million euros while Kia Motors will add 16 million Euros in Rimac and will form a technical partnership to collaborate on two high-performance electric vehicles by 2020.
The companies have announced a strategic partnership to collaborate on the development of high-performance electric vehicles. Rimac has established themselves as a leader in high-performance electric vehicle technology and as an electric sports car manufacturer. The company continues to deliver EV technology supporting many industry partners, including Hyundai Motor Group, to accelerate their way towards an electric future.
The electric motors used in the Rimac One develop more than 1000 bhp and it is the fastest accelerating electric vehicle in the world
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. Euisun Chung, Executive Vice Chairman of Hyundai Motor Group said, “Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. 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.”
Questions & Answers
Q.Which company contributed the most to the investment in Rimac?
Which company contributed the most to the investment in Rimac?
Hyundai Motor Company invested 64 million euros. Kia Motors Corporation added 16 million euros, making Hyundai's contribution four times larger than Kia's towards the Croatian electric vehicle company.
Q.What is the primary focus of the technical partnership between Hyundai, Kia, and Rimac?
What is the primary focus of the technical partnership between Hyundai, Kia, and Rimac?
The partnership will focus on developing two high-performance electric vehicles by 2020. This includes an electric version of Hyundai Motor’s N brand sports car and a high-performance fuel cell electric vehicle.
Q.What makes Rimac an attractive partner for Hyundai and Kia?
What makes Rimac an attractive partner for Hyundai and Kia?
Rimac is considered an ideal partner due to its leadership in high-performance electric vehicle technology and its experience collaborating with other automakers. They also possess significant technological prowess in the EV sector.
Q.How quickly will the first joint vehicles be developed under this partnership?
How quickly will the first joint vehicles be developed under this partnership?
The companies aim to collaborate on two high-performance electric vehicles by 2020. This indicates a relatively fast development timeline for their initial joint projects.
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