Hyundai Planning On Ending Association With Rimac

Hyundai which was one of the first investors in EV major Rimac 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 more recent times Volkswagen group-owned Porsche first took a 10 per cent stake and then further expanded it to 24 per cent. Rimac also merged with Porsche-owned Bugatti where Rimac is 55 per cent owner in the JV with Porsche. Hyundai has an electric sports car project underway with Rimac and that car could arrive in the beginning of 2023. After that, Hyundai will likely sell off its stake in Rimac which will likely make it a nice profit. 

The merger with Bugatti could.have triggered issues with Hyundai 

For its part, Hyundai is denying the news. "We have two active high-level projects ongoing [with Hyundai], one completed and several future projects under discussion," a Hyundai spokesperson said. 

Rimac has also been quite insistent that the partnership with Porsche hasn't caused any issues with Hyundai. 

"Hyundai has been supportive in the transformation of the company during the last 12 months - including the carve-out of Rimac Technology and joining forces with Bugatti under the new company Bugatti Rimac," said the Croatian company.

Apart from developing a sports car for Hyundai, Rimac is planning a new hybrid car with Bugatti which will merge the best of Rimac with the best of Bugatti.