Mexican Media Brands
Rimac Lands $90 Million from Hyundai/Kia
Hyundai Motor Co. and its Kia Motors Corp. affiliate are investing a combined €80 million ($90 million) in Croatian electric vehicle specialist Rimac Automobili.
#hybrid
Share
Hyundai Motor Co. and its Kia Motors Corp. affiliate are investing a combined €80 million ($90 million) in Croatian electric vehicle specialist Rimac Automobili.
As part of the investment, Rimac will help the South Korean carmakers develop a pair of vehicles. One will be an all-electric version of Hyundai’s upcoming “N-badged” mid-engine sports car, while the other will be an unspecified fuel cell-powered car.
Development of the two models will begin next year. Hyundai will provide €64 million ($71 million) of the investment, while Kia will contribute the remaining €16 million.
Founded in 2009, Rimac has produced several prototype and low-volume EVs, including last year’s Concept Two, a 1,900-hp supercar. Rimac supplies batteries for such high-performance electrics as the Koenigsegg Regera and upcoming Aston Martin Valkyrie.
Last year, Porsche acquired a 10% stake in Rimac. The two companies also are cooperating on unspecified EV programs.
RELATED CONTENT
-
Engineering the 2019 Jeep Cherokee
The Jeep Cherokee, which was launched in its current manifestation as a model year 2014 vehicle, and which has just undergone a major refresh for MY 2019, is nothing if not a solid success.
-
Hyundai Shops for a Partner to Make Electric Scooters
Hyundai Motor Co. is looking for a domestic partner to mass-produce the fold-up Ioniq electric scooter it unveiled at last year’s CES show in Las Vegas, a source tells The Korea Herald.
-
The Genovation GXE: >220 mph and Street Legal
A 2019 Corvette Grand Sport has a starting price on the order of $66,950. The Genovation GXE, which is predicated on the Corvette Grand Sport, will set you back some $750,000.