Mate Rimac, left, shakes hand with Hyundai Motor Group Executive Chair Euisun Chung in a photo take in 2019.

Automotive News website has posted, “Hyundai Motor is ending projects with Rimac Group, sources said, after the Croatian automaker deepened its ties to Porsche.”

“Last year Porsche increased its stake in Rimac to 24 percent, up from 10 percent.” “At same time, Rimac formed a 55-45 joint venture with Porsche to take over Volkswagen Group’s Bugatti hypercar brand.”

“Hyundai and sister brand Kia jointly invested $84 million in the electric startup in 2019 to take a 12 percent stake. Hyundai subsequently announced two projects: an electric sports car for Hyundai’s N performance subbrand and a sporty fuel-cell vehicle.”

“It is unclear whether the Korean company will sell its stake in Rimac.”

“Hyundai will finish the electric sports car project started in collaboration with Rimac in-house, one of the sources said. The vehicle’s expected launch date is early 2023.” “Joint work on the fuel cell project, previewed by the Hyundai Vision FK concept shown last year, won’t continue, the sources said.”

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