Hyundai and sister company Kia have jointly invested 80 million euros ($90 million) in the Croatian electric supercar maker Rimac Automobili. Hyundai will invest 64 million euros and Kia the remaining 16 million, the companies said in a news release.
"This is an equity investment, but we are not disclosing the percentage stake," a Hyundai spokesman said.
Hyundai, Kia and Rimac will develop two high-performance electric vehicles. One will be a sports car for Hyundai's N performance subbrand. The other will be a fuel cell car, likely for Kia.
"Rimac is an innovative company with outstanding capabilities in high-performance electric vehicles," said Hyundai Executive Vice Chairman Euisun Chung, in a statement.
Rimac said it hopes its collaboration with Hyundai-Kia will strengthen its position as a Tier-1 electrification components supplier.
Hyundai plans to offer 44 electrified models by 2025, targeting annual sales of about 1.67 million units. Kia aims to have 19 electrified vehicles in its range by 2022, comprising six full-electric cars, six plug-in hybrids, six full hybrids and one fuel cell vehicle.
Hyundai is of the few automakers investing heavily in the hydrogen fuel cell technology with the ix35/Tucson Fuel Cell SUV and its successor, the Nexo. Last year Hyundai and Audi said they will cooperate on developing fuel cell vehicles for Audi and other brands in the Volkswagen Group.
Porsche, Aston Martin
Rimac has turned heads at recent auto shows with its Concept Two, a two-seater that produces around 2,000 hp and reaches a top speed of 412 kph (256 mph).
Last year Porsche bought a 10 percent stake in Rimac.
Rimac also has a partnership with Automobili Pininfarina, owned by the Mahindra group of India, to supply the high-performance electric powertrain and battery technology to the Pininfarina Battista, a supercar unveiled at the Geneva auto show in March
Rimac is also supplying the battery-electric system for Aston Martin's Valkyrie hybrid electric supercar.