16 January 2020:
e-vehicle startup Arrival has raised $110 million from Hyundai and Kia. The investment marks the start of a strategic partnership between the automakers to jointly accelerate the adoption of commercial e-vehicles globally.
Arrival, Hyundai and Kia will use Arrival’s flexible skateboard platforms and technologies to create new purpose built electric vehicles (PBVs) across multiple vehicle categories. Hyundai and Kia will leverage Arrival’s novel microfactories and software innovation whilst Arrival will benefit from the OEM’s global footprint and economies of scale.
Albert Biermann, President and Head of Research and Development Division at Hyundai Motor Group, said, “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.”
Avinash Rugoobur, Chief Strategy Officer, Arrival, 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.”
(image – Arrival)