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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.
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Hyundai Motor Co. and its Kia Motors Corp. affiliate are investing a combined80 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.

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