Kia and Hyundai invest about $90 million US in Czech EV maker Rimac

Hyundai and sister company Kia announced that they are investing 80 million euros (about $90 million US) in Croatian electric hypercar startup Rimac.

The Korean automakers are anxious to gain access to Rimac's technology. They already have plans to build an electric prototype of one of Hyundai's N brand performance cars as well as a hydrogen fuel cell car by 2020.

No further details were announced about the cars. It is not clear how large a stake the two Korean companies have taken in Rimac.

Rimac

Wikipedia says of Rimac: "Rimac Automobili (pronounced [ rǐːmats automobǐːli ]) is a Croatian car manufacturer headquartered in Sveta Nedelja, Croatia, that develops and produces electric hypercars, drivetrains and battery systems. The company was founded in 2009 by Mate Rimac with the vision to create the sports car of the 21st century." Their Concept One is an example of their work.

The Concept One

The Concept One is an all-electric battery-powered sports car: "With a curb weight of 1,850 kg, and a power of 1,288 hp (960 kW), the Concept One can reach 100 km/h from a standstill in 2.6 seconds and continue to accelerate to the limit of 221 mph (355 km/h). 92 kWh of energy in the battery modules deliver enough thrust to permit a 600 km of range.[14] The car was first unveiled in 2011 at the Frankfurt Motor Show, when some parts were contracted to other companies.[15] The production version was introduced in 2016."

Originally 88 units were slated to be produced but this was later cut down to eight units. All the cars were sold at almost a million dollars for each. The EV is shown on the appended video. There is now a Concept Two.

RImac's designs and technology captured attention

British automakers Aston Martin and Jaguar have both used some Rimac technology in their limited-run EV project. Jaguar's i-Pace model shown in the appended photo won a car of the year award. Indian manufacturer Mahindra and Mahindra is also powering its hypercar Pinfarina Battista using a Rimac battery pack.

Porsche which has its own EVs was so taken by Rimac's technology that it bought a ten percent stake in the company. Competitor in the hypercar area Koenigsegg uses Rimac's battery tech.

Hyundai and Kia's EVs

Both Hyundai and Kia have put a new electric SUV on the market in recent months. Both are among the most capable and most affordable EV SUV's available. Both vehicles share underlying technology. However, Rimac's tech could help both automakers make an EV that would be more suitable for the high performance demands of Hyundai's N models.

Previously published in the Digital Journal

New Kia Niro EV has a range of about 280 miles on a single charge

In the Consumer Electronics Show (CSE) this January Kia showed its concept Niro Electric Vehicle crossover that had a 238 mile range rivaling the Chevrolet Bolt.

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The Niro at the CES also had 5G connectivity, a new infotainment system and gesture control but did not seem bound for production. However, a new Niro EV does seem bound for showrooms.

Photos of the new Kia Niro were shown at the 5th International Electric Vehicle Expo held in Jeju South Korea. The car lacks some of the flashy add ons of the January model but otherwise largely mimics that earlier concept as well as the standard Niro hybrid.

Niro will have an excellent range on a single charge

Kia said that the NIro EV will be using a 64 kWh battery pack that will give an estimated 280 miles or 450 kilometers on a single charge. However, a separate smaller pack of 39.2 kWh from the Hyundai Kona EV is estimated to be good just for 186 miles on a charge. When tested by the EPA it may turn out the range is close to the 238 miles promised in the January model.

Price expected to be near competitors

The company announced no other details of the car or its price but it is expected to be near that of the Chevy Bolt and the lower priced versions of the Tesla Model 3 around $35,000. The 2018 Kia Soul EV which the Niro will likely replace in the US starts at $34,845.

The Niro EV will be unveiled at the Paris Motor Show in October. It will likely go on sale in South Korea shortly afterwards and other markets will follow. It will likely appear in the US as part of Kia's promise to launch 16 eielctric vehicles globally by 2025. This includes its first fuel cell electric vehicle in 2020.

Kia Motors

Kia Motors Corporation with headquarters in Seoul, is South Korea's 2nd largest auto manufacturer after Hyundai Motor Company. In 2015 it had sales of over 3.3 million vehicles. The company is South Korea's oldest auto manufacturer having been founded in 1944.

As of December 2015 the Kia Motor Corporation became minority owned by Hyundai that has a 33.88 percent stake in the company valued at about $6 billion US dollars. In turn, Kia is a minority owner of more than 20 Hyundai subsidiaries ranging from a 4.9 percent stake up to as much as 45.37 percent. The two are often called the Hyundai-Kia Automotive Group.

The company has 13 manufacturing and assembly operations in 8 different countries. They are then sold and serviced through a network of dealers and distributors in 172 different countries. It has about 40,000 full time workers world wide.

Previously published in Digital Journal