Hyundai had invested $84 million in Rimake but may now walk out of the investment.
see photosHyundai is developing an electric sports car with the Rimac
Hyundai, which was one of the first investors in EV major Rimake, has reportedly decided to end its association with it. Hyundai had invested $84 million in the Croatian startup for a 12 per cent stake, but then in recent days Volkswagen Group-owned Porsche first took a 10 per cent stake and then raised it to 24 per cent. Rimac also merged with Porsche-owned Bugatti, where Rimac owns 55 percent in a joint venture with Porsche. An electric sports car project is underway with Hyundai’s Rimac and that car is expected to arrive as early as 2023. After that, Hyundai will likely sell its stake in Rimac, making a decent profit.
Merger with Bugatti may cause problems with Hyundai
Hyundai, for its part, is denying the news. “We have two active high level projects going on [with Hyundai]One completed and several future projects are under discussion,” a Hyundai spokesperson said.
Rimake has also been quite insistent that the partnership with Porsche hasn’t caused any problems with Hyundai.
“Hyundai has been instrumental in the company’s transformation over the past 12 months – including the carving out of Rimac technology and joining forces with Bugatti under the new company Bugatti Rimac,” the Croatian company said.
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In addition to developing a sports car for Hyundai, Rimake is planning a new hybrid car with Bugatti that will merge with Rimake’s best known Bugatti.
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