Arrival, a UK-based electric van manufacturer wins €100 million from Hyundai and Kia
Car manufacturers Hyundai and Kia have invested a combined €100 million into a UK electric van start-up.
Arrival is a UK-based manufacturer of what it calls “Generation 2” electric vehicles, which are designed from the ground up to support electric propulsion, as opposed to being fossil fuel vehicles retrofitted with electric power. The vehicles can be assembled by “microfactories”, which are designed to be low footprint and located in areas of high demand.
The partnership and investment will see the three companies working together to build new vehicles based on Arrival’s platform, while Arrival will gain access to Hyundai and Kia’s footprints.
Arrival’s main focus is on the commercial vehicle market, where it claims to offer a genuinely cost-competitive but zero-emission alternative to fossil fuel vehicles.
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.”
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. 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.”
Amazon recently ordered 40 StreetScooter WORK Box electric vans to use in Munich, Germany, and had 60 charging stations installed at its site. StreetScooter is a subsidiary of delivery giant DHL.
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