It would be a right partner for Hyundai, which strives to develop 44 eco-friendly models by 2025, as the firm's senior official notes.
The investment is split across Hyundai, who has invested Euro 64 million (over Rs 506 crore), and Kia, which will invest Euro 16 million (nearly Rs 127 crore). Hyundai Motor, Kia Motors and Rimac will work firmly together to build up an electric form of Hyundai Motor's N image sports vehicle and a superior energy unit electric vehicle.More news: Realme X, Realme X Lite announced: Price, specifications and more
The Croatian electric vehicle company, Rimac, has signed a deal with Hyundai and Kia which will see around 80 million Euros jointly invested into the company.
As for Mate Rimac, founder and CEO of Rimac Automobili, he said that he's impressed with Hyundai's vision for cleaner mobility while also incorporating performance on their future EVs. Furthermore, the company engineers and manufactures high-performance electric vehicle powertrain systems and battery systems. Rimac's expertise ranges from high-performance electric powertrains to various control technologies and battery systems. One will be an electric version of Hyunda's N brand midsized sports vehicle.
Croatian company positions itself as a major supplier of electrification technology and components. Its prowess has already attracted a 10% ownership stake from Porsche, which just happens to be part of the Volkswagen Group.More news: Another Pokemon Mobile Game Announced, Out Now In Some Regions
"Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance".
The latest move with Rimac suggests Hyundai is planning both petrol and electric variants of that auto, which has been spotted by spy photographers under test camouflage. The next challenge ahead is to grow from a low volume manufacturer of complex high-end electrification components, to an established Tier-1 supplier for the industry. The startup designs in-car digital interfaces also runs a subsidiary-focused on electrics, and develops impressive electric "hypercars".More news: Huawei P20 Lite 2019 leak reveals quad-camera setup, punch-hole display