Hyundai and Kia invest £85.2m in UK-based electric van firm

Hyundai and Kia have invested €100 million (circa £85.2m) in UK-based electric vehicle start-up Arrival.

The South Korean firms plan to use this partnership to introduce their own range of small and medium-sized electric vans, as well as utilise Arrival’s other expertise to create various products for logistics, on-demand ride hailing and shuttle service companies.

(Hyundai)

Arrival has built a scalable electric platform – often referred to as a ‘skateboard’ – that can be adapted for use in various-sized vehicles across different segments.

Albert Biermann, Hyundai Motor Group’s head of research and development, said: “The eco-friendly vehicle market in Europe is expected to grow rapidly due to the introduction of further environmental regulations.

NEWS: Hyundai and Kia make strategic investment in UK-based electric vehicle startup, Arrival. Read more here: https://t.co/GZdv23NWgUpic.twitter.com/OPtPJZgI66

— Hyundai Motor UK Press Office (@Hyundai_UK_PR) January 16, 2020

“Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront.”

In a statement, Hyundai and Kia said the investment in Arrival would help them transform ‘from car makers to clean-mobility providers’. In May 2019, the firms invested €80m (circa £68.2m) in Czech-based electric vehicle start-up Rimac Automobili, while earlier this year, Hyundai revealed an electric ‘flying car’ that will be used by Uber for its promised air taxi network.

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