Hyundai Invests $90 Million In Rimac

Rimac will help Hyundai and Kia develop the N brand's mid-engined sports car, as well as a high-performance fuel cell electric vehicle. But this investment could mean that Mate Rimac is no longer the majority shareholder of his company.

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Hyundai

Following Porsche AG chipping in for ten percent and Automobili Pininfarina paying $91 million to secure Rimac's technology for its Battista, here comes Hyundai and Kia to invest 72 and 18 million dollars in Rimac Automobili, as part of a combined $90 million deal. By 2020, the Korean carmakers will get two high-performance cars in return: Hyundai Motor’s N brand midship sports car, and a high-performance fuel cell electric vehicle, possibly badged as a Genesis.

Pictured above: the Hyundai RM16 Concept.

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Mate Rimac and Euisun Chung, Executive Vice Chairman of Hyundai Motor Group.
SIMUN SITUM

Rimac intends to become the leading Tier-1 electrification components supplier in the industry, but this rapid progress also means that its founder is unlikely to keep his majority stake in the company. Which isn't all that surprising following what Mate Rimac told us last summer, as part of this exclusive interview:

Today, I’m still the majority shareholder at 52 percent. The biggest shareholder beside me is the Camel Group. They have invested 30 million Euros last year, they have 19 percent. They are the largest battery manufacturer in Asia. The remaining shares are owned by the A-rounds investors, and now, Porsche AG. I try to remain the majority shareholder, but I’m not sure how long it's gonna stay like that, because I’m here to make the best for the company, I’m not personally motivated by money, but I’ll do what’s best for Rimac, which means that at some point, I’ll fall below the 50 percent threshold.

This new investment from Hyundai could have pushed the founder below a 50 percent stake in the company, as he alluded to. Rimac wouldn't comment on that yet, but either way, the good news is that we can look forward to driving a mid-motored flagship EV from Hyundai, as well as a so far mysterious high-performance fuel cell vehicle. And if anybody, Rimac knows how to make an electric drivetrain fun.

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SIMUN SITUM
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