Rimac co-developing Hyundai N electric sports auto

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In a statement announcing the investment, Hyundai said it will "leverage the partnership to build on its existing R&D capabilities to meet its electrification plan". According to Electrive, the money will be used to create a strategic partnership for the joint development of high performance battery electric and fuel cell vehicles.

Under the agreement, Hyundai Motor and its sister company Kia Motors will invest 64 million euros and 16 million euros in Rimac, respectively, to come up with prototypes of futuristic EVs and FCEVs.

South Korean carmaker Hyundai Motor Group has invested 80 million euros (nearly $90 million) in Croatian electric vehicle firm Rimac Automobili, its existing partner providing high-performance EV technology.

The collaboration between the three companies is expected to boost Hyundai Motor Group's recent dive into eco-friendly vehicles and high-performance vehicles.

Hyundai Motor Group vice-president Euisun Chung said Rimac's "start-up roots and abundant experience collaborating with automakers combined with technological prowess" made it "the ideal partner".

"Rimac is still young and relatively small but a fast-growing company".

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Alongside producing its own models, a key part of the EV company's strategy is producing electric powertrains for global vehicle manufacturers, with firms such as Aston Martin, Koenigsegg and Pininfarina being current customers.

Founder and CEO of Rimac Automobili, Mate Rimac said: "We are very impressed by the Hyundai Motor Group's vision and prompt and decisive initiative".

The latest move with Rimac suggests Hyundai is planning both petrol and electric variants of that vehicle, which has been spotted by spy photographers under test camouflage.

The company supplies components and expertise for high-end electric powertrains while at the same time developing its own hypercar that is due to go into production in 2020. This technology powerhouse with headquarters on the outskirts of Zagreb, Croatia, employs more than 500 people today with plans for strong future growth.

Croatian company positions itself as a major supplier of electrification technology and components. The startup designs in-car digital interfaces also runs a subsidiary-focused on electrics, and develops impressive electric "hypercars". Hyundai and Kia want in on the action now.

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