UK electric vehicle maker Arrival has landed €100m (£85m) investment from Hyundai and its subsidiary Kia Motors.
The Korean automakers will use Arrival technologies to accelerate their EV rollout plans and create new, purpose-built electric vehicles (EVs).
Founded in 2015, Arrival aims to build EVs across categories at lower cost than today’s automakers.
It plans to do that via a modular ‘skateboard’ platform and small, relatively low volume factories sited close to demand.
The firm, which counts ex-General Motors executives among its leadership, was founded by Dennis Sverdlov, a former leader at Russian telco Yota.
The commercial vehicle market is Arrival’s immediate focus – and the segment is most in need of both innovation and increased volume. It has vehicle trials in place with UPS and Royal Mail.
Announcing the deal, Arrival strategy chief, Avinash Rugoobur, said the company is “excited to come out of stealth mode”.
He added: “Accelerating electric vehicle adoption is good for everyone – for people, business and the planet and we are pleased to undertake this mission with our partners Hyundai and Kia.”
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