Hyundai and Kia Invest $90 Million In Rimac To Build A High-Performance Electric Car

Hyundai partners with Rimac to build high-performance electric cars

Hyundai’s doubling down on electric performance.

Rimac Automobili scored a $90 million investment from Hyundai and Kia, both companies announced today. Going beyond the brand’s aim for “clean mobility” solutions, Hyundai wants to get into the world of high-performance cars.

“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,” said Thomas Schemera, head of Hyundai’s product division. Hyundai chipped in 64 million euros ($72 million), while Kia provided 16 million euros ($18 million) for the electric startup. The company plans to build 44 “eco-friendly models” by 2025, while Rimac is seeking to expand its own electric car production.

One battery-electric vehicle and a hydrogen fuel cell EV could emerge as soon as next year from this partnership. The battery-powered car will be a mid-engined sports car to top Hyundai’s N division. However, the company did not specify what the fuel cell car would look like.

Growing Rimac

For Rimac, the $90 million investment means more cash to work its way toward its own ambitions. That includes becoming a “Tier 1 supplier” of technology to other automakers. To date, Rimac provided technology for the Aston Martin Valkyrie, the Jaguar E-Type Zero and the Koeniegsegg Regera. Porsche jumped in with a 30 million euro ($33 million) investment for 10 percent of the company last year.

Hyundai and Rimac partner on electric cars
Hyundai and Rimac’s joint venture could produce a car as early as next year.

Of course, that won’t stop Rimac from producing its own electric cars. The latest example of the company’s efforts includes the Concept Two, which was recently at the Geneva Motor Show.