EV startup Rimac scores $90M investment from Hyundai and Kia

Rimac Automobili, the European EV startup that landed an investment from Porsche last year, has again gained the backing of traditional automakers after Hyundai Motor Company and Kia Motors jointly invested €80 million, or around $90 million. Beyond the significant cash infusion, the three parties said the deal includes "a strategic partnership to collaborate on the development of high-performance electric vehicles." In other words, Hyundai and Kia -- both of which fall under the ownership of Hyundai Motor Group -- plan to work very closely with Rimac, which is based in Croatia, to bring electric vehicles to market under their brands.