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THE INVESTOR
May 20, 2019
Big Reunion

Automobiles

Hyundai, Kia to invest $90m in Croatian EV maker

  • PUBLISHED :May 14, 2019 - 15:37
  • UPDATED :May 14, 2019 - 15:37
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Hyundai Motor and its affiliate Kia Motors said on May 14 they will jointly invest 80 million euros ($90 million) in Croatia’s electric carmaker Rimac Automobili.

Hyundai Motor Group Executive Vice Chairman Chung Euisun signed a strategic partnership at Rimac’s headquarters in the Eastern European country to develop high-performance electric and hydrogen fuel-cell electric car prototype models by 2020, the group said in a statement.


The business tie-up came as Hyundai and Kia aim to develop the electrified version of Hyundai’s high-performance N brand sports car and a new hydrogen fuel-cell electric car model by 2020 for commercial production afterwards, they said.

“Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles. Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us,” Chung said in the statement.

The South Korean auto group has pushed forward hydrogen-powered vehicles amid stricter regulations on diesel-powered cars and growing demand for environmentally friendly vehicles in global markets.

Rimac has advanced technologies in its high-performance electric vehicles’ operating systems, Hyundai said. For instance, it introduced the C_Two semi-autonomous electric hypercar that has 1,888 horsepower and can go from 0-100 kilometers in 1.85 seconds, the statement said.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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