Hyundai, Rimac Deny Rumor That Their Partnership Is Off

Mate Rimac describes the report as "fake news."

By: Jacob Oliva

May 7, 2022 at 3:50am ET

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A few days ago, a rumor surrounding the future of Rimac and Hyundai's partnership came out. Citing anonymous sources, Automotive News Europe said that the South Korean auto giant is allegedly ending its partnership with the Croatian hypercar maker due to Porsche's move to increase its stake in the latter.

At that time, the publication's report didn't have any comment from Hyundai. On the other hand, a spokesperson from Rimac said it has two ongoing projects with Hyundai, with one of the projects already complete.

Rimac CEO Mate Rimac further refuted the rumors in a Facebook post. In a statement, Rimac said:

Hyundai has commented on the fake-news article which says that Rimac and Hyundai are ending collaboration because of the Porsche-Rimac collaboration. Both Hyundai and Rimac have said that it is not true. But media still keeps writing about it. Well, says more about media than anything else.

The social media post continues with a quote from an article from Auto Motor Und Sport.

According to the German publication, Hyundai has denied the earlier report with a statement:

Hyundai and Kia continue to invest in the Rimac Group and can confirm that several partnership projects are currently running at a high level.

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Hyundai and Rimac inked their partnership in 2019 when Hyundai and Kia invested $90 million in the Croatian company. The goal was to develop at least two vehicles with this partnership – a fully electric variant of Hyundai N"s "midship sports car" and a performance fuel cell vehicle.

Meanwhile, Porsche has increased its stake in Rimac from 15.5 to 24 percent in March 2021. A few months later, Rimac and Bugatti officially joined forces to become Bugatti-Rimac. Porsche owns 45 percent of that partnership while Rimac owns the remaining shares.

Sources: Mate Rimac (Facebook), Auto Motor Und Sport