Hyundai Motor Group and Rimac Reiterate Importance of Strategic Partnership

Hyundai Motor Group (the Group) joined its partner Rimac Automobili in a discussion on the potential of the new auto industry in Croatia. The event hosted by Rimac Founder and CEO Mate Rimac was held on June 28 in Rimac headquarters on the outskirts of Zagreb with Prime Minister of the Government of the Republic of Croatia, Andrej Plenković, and ministers and senior government officials in attendance. The Group’s Head of Product Division, Executive Vice President Thomas Schemera, was invited to join this meaningful occasion as Rimac’s partner and shareholder, along with Lutz Meschke, Deputy Chairman and Member of the Executive Board of Porsche AG."We are encouraged by the Croatian government's support for our partnership with Rimac,” said Executive Vice President Thomas Schemera. “We will further bolster our strategic partnership in developing a high-performance electric vehicle and fuel cell electric vehicle (FCEV) prototypes across the Hyundai Motor Group brands." “To be attractive to automotive manufacturers and suppliers, Croatia needs to develop comparative advantages over other countries. Rimac wants to contribute to attracting investors to Croatia, and our role is to point to the needs and expectations of the auto industry,” said Mate Rimac, CEO of Rimac.“Having our shareholders support the initiative is highly encouraging. Them joining the event proves the strength of the strategic partnership between Rimac and Hyundai Motor Group focused on collaboration in the development of the disruptive technologies that steer the new auto industry.”In May, the Group announced an investment of EUR 80 million in Rimac aimed to lead the high-performance electrified vehicle market. Since then, the companies have been working closely together to develop prototypes for an electric version of Hyundai’s N brand midship sports car and a high-performance FCEV with the intent to bring them to market at a later time.