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.
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.
“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.