Additionally, Hyundai will leverage the partnership to build on its existing R&D capabilities to meet its electrification plan, which includes the deployment of a whopping 44 eco-friendly models by 2025.
Hyundai Motor Group and Rimac Automobili have announced a strategic partnership to collaborate on the development of high-performance electric vehicles. And it is believed the deal will see Hyundai invest 64 million and Kia 16 million.
South Korean carmaker Hyundai Motor Group has invested 80 million euros (nearly $90 million) in Croatian electric vehicle firm Rimac Automobili, its existing partner providing high-performance EV technology.
Rimac might be a brand many have never heard of, but it has developed its own incredibly powerful electric supercars, with the Croatian firm's latest creation producing almost 1,900bhp and able to accelerate from 0-60mph in under a startling two seconds. Its prowess has already attracted a 10% ownership stake from Porsche, which just happens to be part of the Volkswagen Group.
"We believe that this technology partnership will create maximum value for our companies and their customers", added Mate Rimac, the founder and chief executive officer of Rimac.
Elsewhere, the Hyundai Kona Electric gets a new Blue Link smartphone application which allows drivers to start the auto, unlock the doors, and activate the climate control systems remotely. This technology powerhouse with headquarters on the outskirts of Zagreb, Croatia, employs more than 500 people today with plans for strong future growth. It is the companies performance line mostly sold overseas. British automakers Aston Martin and Jaguar have both used some of Rimac's technology in their own limited-run EV projects (the Valkyrie and E-Type Zero, respectively), and Indian manufacturer Mahindra & Mahindra is powering its Pininfarina Battista hypercar using a battery pack supplied by the Croatian company. It also develops and produces drivetrains and battery systems for hyper-EVs.