Hyundai Motor Group, the parent company of Hyundai Motor Co. and Kia Motors Corp., entered into a strategic partnership with Croatia-based electric-hypercar maker Rimac Automobili d.o.o. to accelerate the development of high-performance electric vehicles.

The companies will invest a combined €80 million — €64 million by Hyundai Motor and €16 million by Kia — in Rimac. The group will also work closely with Rimac to develop prototypes for an electric version of Hyundai's N sports car model, as well as a high-performance fuel cell EV with plans to make them publicly available at a later time.

"We believe this technology partnership will create maximum value for our companies and their customers. Rimac is still young and relatively small but a fast-growing company. We see a strong investor and technology partner in Hyundai Motor Group and believe this collaboration will charge our position as a Tier-1 electrification components supplier to the industry," Rimac's founder and CEO, Mate Rimac, said.

In addition, the group also wants to use the partnership to advance its existing research-and-development capacity and meet its electrification targets, which includes the launch of 44 eco-friendly models by 2025.

Founded in 2009, Zagreb-based Rimac develops and manufactures key electrification systems for global automotive companies.