Hyundai Motor is ending projects with Rimac Group after the Croatian automaker deepened its ties to Porsche, insiders told automotive media. It remains to be seen what will happen to Hyundai-Kia’s stake in the Rimac Group, especially since the move already affects joint projects.
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Hyundai has announced teaming up with retail giant Lotte Group and KB Asset Management to expand ultra-rapid charging infrastructure in Korea. Their business model includes leasing high power charging stations to private operators to add 5,000 ultra-fast chargers (UFC) by 2025.
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The Korean media is reporting that Hyundai Motor Company closed its combustion engine development department in Namyang, S.Korea in December. The automotive company owns Hyundai, Kia and Genesis brands. The corporation has also apparently stopped a hydrogen car project of the Genesis brand.
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Hyundai Motor Group, which includes Kia, announced expanding a partnership with ride-hailing service Grab in Southeast Asia. The focus is now on piloting new EV business models such as leasing EVs with a battery-as-a-service model or car-as-a-service model, to facilitate the switch for Grab drivers.
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