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Hyundai and Kia buy stake in electric supercar company Rimac

Auto News - Published on Thu, 16 May 2019

Image Source: CAR magazine
Hyundai and sister company Kia have jointly invested 80 million euros (USD 90 million) in the Croatian electric supercar maker Rimac Automobili. Hyundai will invest 64 million euros and Kia the remaining 16 million. A Hyundai spokesman said that "This is an equity investment, but we are not disclosing the percentage stake."

Hyundai, Kia and Rimac will develop two high-performance electric vehicles. One will be a sports car for Hyundai's N performance subbrand. The other will be a fuel cell car, likely for Kia.

Hyundai Executive Vice Chairman Euisun Chung, in a statement that "Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles."

Rimac said it hopes its collaboration with Hyundai-Kia will strengthen its position as a Tier-1 electrification components supplier.

Hyundai plans to offer 44 electrified models by 2025, targeting annual sales of about 1.67 million units. Kia aims to have 19 electrified vehicles in its range by 2022, comprising six full-electric cars, six plug-in hybrids, six full hybrids and one fuel cell vehicle.

Hyundai is of the few automakers investing heavily in the hydrogen fuel cell technology with the ix35/Tucson Fuel Cell SUV and its successor, the Nexo. Last year Hyundai and Audi said they will cooperate on developing fuel cell vehicles for Audi and other brands in the Volkswagen Group.

Source :

Posted By : Sanju Moirangthem on Thu, 16 May 2019
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