Hyundai to end partnership with Rimac

Rimac recently took over Bugatti and formed a new entity called, Rimac-Bugatti.

Hyundai is reportedly ending its partnership with Croatian electric supercar brand Rimac Automobili.

According to a media report, Rimac's close workings with Porsche is said to be one of the reasons for Hyundai to cut ties with the Croatian supercar brand. The South Korean car brand owns a 12% stake in Rimac ($90 million) since 2019. While Porsche has owned a 10% stake in Rimac since 2018, the company increased its share to 24% last year.

The end of the partnership between Hyundai & Rimac could also affect the projects being jointly developed. Hyundai & Rimac were said to be working on two projects: an electric sports car for its 'N' performance sub-brand and the Vision FK concept - a hydrogen-powered sports sedan. Reports now suggest that while Hyundai & Rimac will continue to develop the electric sports car, the Vision FK project has reached a dead end.

Reports also suggest that with the partnership coming to an end, Hyundai could sell off all of its 12% stake in Rimac. However, there is still no confirmation on the same.

Rimac recently took over Bugatti and formed a new entity called, Rimac-Bugatti, where it holds a 55% stake. The remaining 45% stake is held by Porsche, which also continues to have a separate 24% stake in Rimac.

Source: Automotive News