News

Hyundai breaks with Rimac, and the cause lies in a reputable German manufacturer

Hyundai and Rimac have severed their strategic and technological tiesbased on various reports from various sources, due to the Croatian manufacturer’s increasingly close relationship with Germany’s Porsche, which recently increased its stake in Mate Rimac’s company from 10% to 24%.

At the moment, however, it is not entirely clear that the Korean company intends to divest itself of the part of Rimac’s shareholding that corresponds to it, since, let us remember, Hyundai and KIA were one of the companies that pushed Rimac financially years ago by investing more than 80 million euros in the Croatian start-up. So far neither Hyundai nor Rimac have made any comment on the news.

RImac Electric refrigerator, the sporty Rimac.
RImac Electric refrigerator, the sporty Rimac.

Therefore, the break between the two companies has yet to be officially confirmed, but it is to be hoped that the projects that are most advanced enough to be canceled will continue. Among them, we can hope that the electric sports car for Hyundai’s N division will finally see the light, although on the other hand the project that supported the sports saloon powered by the hydrogen cell designed between Hyundai and Rimac itself, probably will not arrive. to good port.

“We have two active high-level projects underway, one completed and several future projects under discussion,” a Rimac spokesperson replied by email to questions from Automotive News Europe.

Mate Rimac, Founder and CEO of Rimac Automobili, and Euisun Chung Executive Vice President of Hyundai Group
Mate Rimac, founder and CEO of Rimac Automobili, and Euisun Chung Executive Vice President of the Hyundai Group at the time of formalizing the agreement between the two companies.

Although Rimac has not confirmed that the completed project is that of the electric sports car for Hyundai, everything indicates that, indeed, this will be the only project (or one of the few) that finally ends up becoming a product.

Beyond electric cars, the relationship between Porsche and Rimac has also extended to the field of electric bicycles, as the German manufacturer also acquired Greyp, the pedal-assist bicycle firm founded by Mate Rimac himself.

The fact that Hyundai separates its activity from Rimac is in direct opposition to one of the premises of Mate Rimac, which was to be able to manufacture side by side with several manufacturers, even though they had nothing to do with each other. This is how the businessman commented when Porsche’s second investment was confirmed, commenting: “Our projects and our shareholders are, and always will be, completely separatewhich allows us to keep the firewall of information that our partners trust and allows us to continue working with many OEMs. The partnership with Porsche helps the company develop and grow, which is beneficial for all our customers.”

It remains to be seen, then, if the break between Rimac and Hyundai is finally officially confirmed.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button