May 26, 2019

Hyundai wants to build fast EVs, invests Euro 80M with Rimac

16 May 2019, 04:57 | Hattie Nash

Rimac Hyundai i30 N Rimac and Hyundai Close Facebook Like Tweet Widget

Hyundai i30 N

Hyundai plans to offer 44 electrified models by 2025, targeting annual sales of about 1.67 million units.

The development of a fuel cell electric vehicle comes as an even bigger surprise, but on the other hand, don't forget that Hyundai Motor Group has experience with this type of vehicle thanks to the Tucson and Nexo. And it is believed the deal will see Hyundai invest 64 million and Kia 16 million.

Hyundai plans to apply Rimac's technology know-how to its high-performance brand N, and to develop an N brand electrified midship sports concept auto by 2020.

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Hyundai is dropping 80 million Euros on Croatian electric automaker Rimac as it lines up a strategic partnership. Tapping Rimac's tech could presumably help the two Korean automakers develop something more suitable for the high-performance demands of the cars in Hyundai's N lineup.

"Although we are carrying our R&D on high-performance electric vehicles on our own, collaboration with Rimac will enable us to apply high-performance technology to electric vehicles faster", a Hyundai Motor Group official said. The company is known for its high-performance electric powertrain and technology in controlling vehicle responsiveness.

Hyundai Motor also introduced its N brand vehicles, targeted at performance-conscious consumers in 2015, a step away from its traditional customer base that prefers affordable vehicles.

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Mr Rimac said he had been impressed by Hyundai Motor Group's vision "as well as prompt and decisive initiative". The company is a leader in developing electric race cars and produces drivetrains and battery systems for electric hypercars. The company has its headquarters located on the outskirts of Zagreb, Croatia with a worforce strength of more than 500.

Croatian company positions itself as a major supplier of electrification technology and components. The next challenge ahead is to grow from a low volume manufacturer of complex high-end electrification components, to an established Tier-1 supplier for the industry. Hyundai and Kia want in on the action now.

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