Kia and Hyundai invest in UK electric vehicle firm
British EV firm Arrival gets huge €100million cash injection from Kia and Hyundai
Arrival, founded in 2015, designs and develops ‘Generation 2’ electric vehicles, something it classes as a ‘new product category that surpasses existing electric vehicles in cost, design and efficiency.’
The investment from Kia and Hyundai kicks off a strategic partnership between the firms to accelerate the development of next-generation EVs. Kia recently announced it aims to introduce 11 fully electric vehicles in the next five years.
Kia and Hyundai will have access to Arrivla’s bespoke flexible skateboard platforms that will enable them to produce multiple vehicles across a range of segments. Arrival currently builds its Generation 2 EVs in small microfactories in areas of high demand, something Kia and Hyundai intend to make use of.
The commercial vehicle market will be one of first to adopt electric technology on a mass scale, says Arrival. The UK firm says its vehicles will cost the same, or less than, conventionally powered alternatives.
Speaking about the partnership Hyundai’s R&D boss Albert Biermann, said: “The eco-friendly vehicle market in Europe is expected to grow rapidly. 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.”
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