British electric van company Arrival has received €100M of investment from Hyundai Motor Company and Kia Motors Corporation.
The deal marks the start of a strategic partnership aimed at accelerating the adoption of commercial electric vehicles globally.
It will also see Hyundai and Kia use key Arrival technologies to help achieve their recently announced goal to develop mobility services and electrify their vehicle fleets.
Arrival’s aim is to create EVs that surpass traditional vehicles in cost, design and efficiency. Its model will see these assembled using small footprint microfactories, located in areas of demand and profitable at thousands of units.
Avinash Rugoobur, Arrival’s Chief Strategy Officer said, “We are excited to come out of stealth mode with our partnership with Hyundai Motor Group, and our complementary expertise will allow us to rapidly design, build and roll out vehicles together.
Albert Biermann, President and Head of Research and Development Division at Hyundai Motor Group, added “The eco-friendly vehicle market in Europe is expected to grow rapidly due to reinforcement of environmental regulations.
“Through the joint development of commercial electric vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market.”
Youngcho Chi, President and Chief Innovation Officer at Hyundai Motor Group, said, “This investment is part of an open innovation strategy pursued by Hyundai and Kia. We will accelerate investment and cooperation with companies with advanced technology such as Arrival, to respond to the rapidly changing eco-friendly vehicle market.”
