Hyundai Motor Group has announced a strategic partnership with, and a total investment of 80 million euros into, Croatia-based Rimac Automobili, a decade-old electric hypercar manufacturer and automotive technology developer.

Under the new partnership, Hyundai Motor Company and Kia Motors will each invest €64 million and €16 million, respectively, in an effort to strengthen its holding group’s position in the high-performance electrified vehicle market.

According to the announcement, the companies will work together to develop prototypes for an electric version of Hyundai Motor’s N brand midship sports concept car and a high-performance fuel cell electric vehicle with the intent to bring them to market at an undisclosed “later time”.

“We want to build high-performance vehicles that are not only fast and powerful but also meet the highest expectations of our customers as the car of their dreams,” said Thomas Schemera, Executive Vice President and Head of Hyundai Motor Group’s Product Division. “Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance.”

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