UK e-vehicle startup Arrival has announced landing €100 million investment from Hyundai and Kia. Hyundai and Kia will use key Arrival technologies to help achieve their recently announced goal to develop mobility services and electrify their vehicle fleets. The investment marks the start of a strategic partnership between the automakers to jointly accelerate the adoption of commercial e-vehicles globally.
Arrival, founded in 2015, is a technology company creating Generation 2 Electric Vehicles – a new product category that surpasses existing electric vehicles in cost, design and efficiency. Arrival has over 800 people globally and is headquartered in London, UK. It also has offices in Germany, Netherlands, Israel, Russia and the US.
Arrival’s vehicles are priced the same, or less than, current fossil fuel vehicles, making the decision to switch to electric inevitable, and increasing the adoption of electric technology globally. With over 300 million commercial vehicles in the world, this will have a huge impact on people, business and the planet.
Arrival has created in-house software, components, sustainable materials and modular skateboard platforms to enable Generation 2 vehicles. Purpose Built Vehicles of any weight, type, size and shape are produced from Arrival’s platforms and assembled by microfactories. Each low footprint microfactory produces any vehicle on demand and is located to serve local communities.
Through the course of the partnership, 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. This will help accelerate the ‘Two Track’ strategy adopted by Hyundai, to bring zero-emissions battery and fuel cell technologies to the commercial vehicle market.
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.”
“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 ”, Avinash Rugoobur, Arrival’s Chief Strategy Officer said.
