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Hyundai Executive Vice Chairman Chung Eui-sun, right, shakes hands with Rimac Automobili founder and CEO Mate Rimac after the two companies signed a strategic partnership. Courtesy of Hyundai Motor

Korean automaker joins hands with Rimac

Hyundai Motor accelerates its development of next-generation models including high-performance electric vehicles (EV) and fuel cell electric vehicles (FCEV).

The Seoul-based company said May 15 that it inked a strategic partnership with Rimac Automobili to take a lead in such models.

Under the agreement, Hyundai Motor and its sister company Kia Motors will invest 64 million euros and 16 million euros in Rimac, respectively, to come up with prototypes of futuristic EVs and FCEVs.

Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles,” said Hyundai Executive Vice Chairman Chung Eui-sun, heir-apparent of Korea’s second-largest conglomerate.

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.”

Rimac founder and CEO Mate Rimac also welcomed the alliance.

We are very impressed by Hyundai Motor Group’s vision as well as prompt and decisive initiative. We believe this technology partnership will create maximum value for our companies and their customers,” he said.

Rimac is still young and relatively small but a fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a tier-1 electrification components supplier to the industry.”

In 2009, Rimac was initially started as a garage project in Croatia to build the sports car of the 21st century. It has since grown into a technology powerhouse in EV and FCEV.

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.

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,” Hyundai Executive Vice President Thomas Schemera said.

Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.”