Hyundai is the latest automaker to announce an electric vehicle partnership, as the company announces investment into Electric startup Rimac, with a goal of developing high-performance electric vehicles.
Croatian EV-maker Rimac started as a garage project in 2009. Best known for their Concept One, the1,224 hp all-wheel drive electric hypercar was, when new, claimed to be the world's fastest accelerating electric. The company's latest, the C_Two boasts 1,914 hp and can hit 100 km/h in under two seconds. Speed is, evidently, what Hyundai is looking for going forward.
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Today's announcement is a EUR $80 million investment (CAD $121 million), split between the Hyundai Group with $64 million invested from Hyundai and $16 million from Kia. The companies said that they will be working closely together for a new generation of vehicles for Hyundai's N-brand, their new high-performance badge. The company has a goal of a "midship sports concept car and a high-performance fuel cell electric vehicle," and want to have a concept ready for show by 2020 but haven't set a date on a possible production timeline for the vehicles.
"Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles," said Hyundai Motor Group Executive Vice Chair Euisun Ching. "Its startup roots and abundant experience collaborating with automakers combined with technological prowess makes Rimac the ideal partner for us."
Hyundai said that it will use the partnership to help build its R&D capabilities in the area of electric vehicles. It needs the capabilities to help the Hyundai Group to hit the company's goal of 44 "eco-friendly models" by 2025.