Rimac Automobili Receives €80M from Hyundai and Kia

mate-rimac-and-euisun-chung_2Rimac Automobili, a Zagreb, Croatia-based high-performance electric vehicle technology and sportscar company, received an €80M strategic investment.

Backers included:
– Hyundai Motor, which committed €64M; and
– Kia Motors, which committed €16M.

Hyundai Motor, Kia Motors and the company will work closely together to develop an electric version of Hyundai Motor’s N brand midship sports car and a high-performance fuel cell electric vehicle.

Founded in 2009 by Mate Rimac, Rimac develops and manufactures key electrification systems for global automotive companies. The company, which employs more than 500 people, is vertically integrated with many of the components produced in house. Its next challenge is to grow from a low volume manufacturer of complex high-end electrification components, to an established Tier-1 supplier for the industry. In the new facilities that are currently under way, the company is planning new high volume production lines for battery packs, powertrain systems and the C_Two hypercar production starting in 2020.



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