The firms will establish a technical partnership to team up on the development of two high-performance electric vehicles by the year 2020 Rimac Automobili, a Croatian sportscar and high-performance electric vehicle technology company, has recently received a joint investment of 80 million Euros from Kia Motors Corporation and Hyundai Motor Company. Apparently, Kia Motors will add 16 million Euros while Hyundai Motor will invest 64 million euros in Rimac and will establish a technical partnership to team up on the development of two high-performance electric vehicles by the year 2020. Citing reliable sources, Rimac has become a leader in electric sportscar manufacturer and also in high-performance electric vehicle technology. Along with this, the company continues to provide EV technology to support various industry partners, including Hyundai Motor Group, to help them move towards an electric future. Supposedly, the electric motor which is used in the Rimac One generates more than 1000 bhp and it is considered to be the fastest accelerating electric vehicle in the world. Euisun Chung, Vice Chairman of Hyundai Motor Group, said that Rimac, Hyundai Motor, and Kia Motors will work closely together to create an electric version of N brand sports car of Hyundai Motor. Rimac is one of the innovative companies with excellent capabilities in high-performance electric vehicles. The company has an abundant experience partnering with automakers combined with technological ability makes Rimac an ideal partner, Chung stated. According to founder and CEO of Rimac Automobili, Mate Rimac, this technology partnership will create maximum value for Rimac and their customers. He believes that this collaboration, with a strong investor partner such as Hyundai Motor Group, will reinforce the company’s position as a Tier-1 electrification mechanisms supplier to the auto industry. Apart from this, Porsche had reportedly bought a 10% stake in Rimac for an undisclosed amount. It is believed that Porsche made this investment with the aim of using electric powertrain technology of Rimac in its future vehicle designs. Source Credit: https://auto.ndtv.com/news/hyundai-kia-invest-80-million-euros-in-rimac-establish-technology-partnership-2037445