Rimac and Hyundai Motor Group have rubbished reports that their high-profile performance car collaboration announced 2019, has come to an end.

    Overseas reports run earlier this week cited sources claiming that Hyundai and Kia would cease ongoing projects with the Croatian company, after the latter deepened ties with Porsche.

    But Mate Rimac, founder and CEO of the company that bears his name, has since called the stories “fake news” on his social media. Hyundai also denied the report when asked by German publication Auto Motor und Sport.

    “Both Hyundai and Rimac have said that it is not true. But media still keeps writing about it. Well, says more about media than anything else,” Mr Rimac said.

    Hyundai added that both it and Kia would “continue to invest in the Rimac Group and can confirm that several partnership projects are currently running at a high level”.

    Hyundai and Kia jointly invested 80 million euros into Rimac Automobili, as announced in May 2019. The stated goal was to develop an electric version of Hyundai N’s mooted midship sports concept car, and a high-performance hydrogen fuel-cell electric vehicle.

    But Autonews reported this week that Hyundai’s relationship with Rimac soured as the Croatian company became more closely linked to Porsche, according to one cited source.

    It said Hyundai would finish the electric sports car project started in collaboration with Rimac in-house, one of the sources said, with an expected launch date of early 2023.

    Joint work on the fuel-cell project, previewed by the Hyundai Vision FK concept shown last year, would not continue, the source added.


    After a series of investments into Rimac, Porsche owns a stated 22 per cent in Rimac Group.

    The Rimac Group has two main constituents: a 100 per cent stake in the Rimac Technology engineering division, and a 55 per cent stake in Bugatti Rimac, which comprises Bugatti Automobiles and Rimac Automobili.

    Porsche owns the other 45 per cent of Bugatti Rimac.

    Rimac Technology is best known for working with automakers such as Porsche, Hyundai, Kia, Automobili Pininfarina, Koenigsegg and Aston Martin to produce performance EV components.

    One of the more prominent examples of this is the Pininfarina Battista, the first self-branded car from the famous Italian design firm.

    MORE: Bugatti begins new chapter under Rimac control
    MORE: Bugatti Rimac $310 million Croatian headquarters under construction

    Mike Costello
    Mike Costello is a Senior Contributor at CarExpert.
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