Yesterday we were talking about Hyundai Motor Group and Rimac and the suspension of their collaboration reported by U.S media. Now both companies denied this and claim they’re still working together.
A Hyundai Motor Group official explained on the 3rd, “The claim that Hyundai Motor Group will break up with Rimac is not true.” It is said that there are no plans to sell the stake or withdraw the investment. Rimac also said in a statement that “Hyundai Motor Group has supported changes in the company, including the launch of Bugatti-Rimac for the past 12 months.”
Rumors of discord between the two sides were raised through major U.S. sites such as Automotive News yesterday. Citing sources, they said that Hyundai Motor felt displeased with the strengthening of the relationship between Rimac and Porsche AG, and that the high-performance hydrogen/electric vehicle project in progress between Hyundai Motor and Rimac was in danger of being stranded, the so-called FK1.
Initially Porsche became the largest investor by acquiring a 10% stake in Rimac in 2018. However, Hyundai Motor Group invested 80 million euros back in 2019 to acquire 13.8% and became the largest investor, while more recently Porsche regained its position as the largest shareholder by securing a 24% stake through additional investments.
It is analyzed that the subsequent steps also stimulated Hyundai Motors. It is argued that Rimac may have neglected the project it has been working on with Hyundai while concentrating on its business with Porsche. The two sides continued to work closely together, including launching a joint venture Bugatti-Rimac with a structure of 55% Rimac and 45% Porsche last year.
However, Rimac’s position is that the project with Hyundai Motor is still valid. The company added, “We are working on two high-level projects with Hyundai Motor Company,” adding, “One project has already been completed and several future projects are being discussed.”
This project they mentioned is already been completed is from an electric sports car that will be released by Hyundai sometime in 2023.