Croatian Startup Rimac Receives Important Investment from Hyundai

Rimac Automobili, a Croatian EV startup, received an important vote of confidence when Hyundai Motor Group announced that it will invest €80 million (120M CAD) in the company through its Hyundai and Kia brands.

Rimac made news in 2016 for its Concept One EV, which was known as the world’s fastest electric car at the time. Interest from automakers followed and the company is supplying electric powertrain components to established brands. Porsche owns 10 percent of the company.

Hyundai hopes to leverage Rimac’s expertise in the development of efficient electric powertrains. The companies plan to develop prototypes of a high-performance electric sports car.

Rimac aims to use Hyundai’s investment to evolve into a Tier 1 supplier for major automotive companies. The company was founded in 2009 by then-21-year-old Mate Rimac who built an electric vehicle in his garage. The company currently employs over 500 people and develops high-voltage battery technology, digital interfaces, and electric “hypercars” such as the C Two.