Rimac Lands $90 Million from Hyundai/Kia
Hyundai Motor Co. and its Kia Motors Corp. affiliate are investing a combined €80 million ($90 million) in Croatian electric vehicle specialist Rimac Automobili.
As part of the investment, Rimac will help the South Korean carmakers develop a pair of vehicles. One will be an all-electric version of Hyundai’s upcoming “N-badged” mid-engine sports car, while the other will be an unspecified fuel cell-powered car.
Development of the two models will begin next year. Hyundai will provide €64 million ($71 million) of the investment, while Kia will contribute the remaining €16 million.
Founded in 2009, Rimac has produced several prototype and low-volume EVs, including last year’s Concept Two, a 1,900-hp supercar. Rimac supplies batteries for such high-performance electrics as the Koenigsegg Regera and upcoming Aston Martin Valkyrie.
Last year, Porsche acquired a 10% stake in Rimac. The two companies also are cooperating on unspecified EV programs.
Chrysler pioneered the modern-day minivan more than 30 years ago and has been refining and improving that type of vehicle ever since.
A young(ish) guy that I’ve known for a number of years, a man who spent the better part of his career writing for auto buff books and who is a car racer on the side, mentioned to me that his wife has a used Lexus ES Hybrid.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).