Hyundai will develop its electric sports car in-house.
The Hyundai-Kia conglomerate invested $90-million in Rimac Group, a Croatian EV manufacturer and supplier. Although the two companies partnered in several vehicle development, their future is uncertain. According to a new Automotive News Europe report, Porsche increased its stake at Rimac last year. This allegedly caused Hyundai to end its relationship with Rimac.
This information is cited in the publication from anonymous sources. Hyundai It did not respond to the request for comment. Hyundai revealed that Rimac and Hyundai had partnered. A pair would create at least two vehicles Hyundai N’s fully electric version Midship sports car “, and a performance-fuel cell vehicle.
According to sources in the pub, the two have stopped working on the fuel cell vehicle. However, the sports car is still available. The EV will be launched in 2023 and will be developed at Hyundai. Hyundais took a 12-percent share in Rimac when it invested. The company could then sell the stake if it ended.
Automotive News Europe contacted Rimac to discuss the situation. Rimac stated that the company has two projects in the works with South Korean automaker. A spokesperson said that the first was completed and that they were currently discussing future products.
Porsche increased its share in Rimac from 15.5 a 24 percent in March 2021. This was three years after Porsche’s first investment in Rimac. Porsche argued that it didn’t have a controlling stake in Rimac at that time. A few months later, Rimac joined forces with Bugatti to form Bugatti-Rimac. Porsche now owns 45 percent. The remaining shares are owned by Rimac.
Since its inception in 2009, Rimac has grown steadily. The company is not only developing vehicles and electric propulsion systems for other carmakers but also has its own supercar, the Nevera. Rimac has completed its winter testing ahead of customer deliveries which will begin soon. Rimac only produces 150 units of the 1,914-horsepower (1.407-kilowatt), all-electric hypercar. It costs EUR2million.