Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
Hyundai, Kia to invest 80 million euros in Croatia's Rimac
Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, right, shakes hands with Rimac Automobili CEO Mate Rimac after their meeting at Rimac's headquarters in Zagreb, Croatia, Monday (local time). Courtesy of Hyundai Motor Group
By Kwak Yeon-soo
By Kwak Yeon-soo
Hyundai Motor and its affiliate Kia Motors will together invest 80 million euros ($90 million) in Rimac Automobili, the Croatian hypercar and electric vehicle components company, to sharpen its focus on electric vehicles.
The move follows the pair's $300 million investment in Indian ride-hailing platform Ola and $275 million investment in Singapore-based ride-hailing firm Grab.
Hyundai and Kia will work with Rimac to develop the electric high-performance vehicles and infrastructure required.
Founded in 2009, Rimac develops and produces high-performance electric vehicles, powertrains and battery systems. The company has about 480 employees and is growing to become a full electrification partner to the global car manufacturers.
Hyundai's Executive Vice Chairman Chung Eui-sun said the deal marks the group's foray into electric vehicles and will boost the group's efforts to become a “game changer” in the global mobility market.
“Rimac is an invaluable partner that will help accelerate our adoption of electric vehicles and transformation into a clean mobility solutions provider,” Chung said in a release.
“Given Rimac's rich experience in working with a wide range of successful car manufacturers across the globe, we will be able to create a lot of synergy.”
“We were deeply impressed by Hyundai's corporate vision to transform into a clean mobility provider. We look forward to working on exciting projects together,” Mate Rimac, founder and CEO of Rimac Automobili, said.
Rimac recently unveiled the latest version of its electric hypercar, the C Two, at the Geneva Motor Show in March 2018.
The electric supercar produces around 2,000 horsepower and reaches a top speed of 412 kilometers per hour. It achieves an 80 percent battery charge in 30 minutes through a 250 kilowatt fast charging system.
Hyundai and Kia possess electric vehicle powertrain systems optimized for the mass production of electric cars, and are looking to strengthen future mobility technologies. The two companies sold 62,000 electric cars across the globe last year, up 123 percent from the previous year.