Arrival, a UK-based electric vehicle startup, raised €100m in funding.
Hyundai Motor Company and Kia Motors Corporation made the investment jointly. Of the total amount, Hyundai will contribute €80m; Kia €20m.
Led by Denis Sverdlov, CEO, Arrival has developed in-house software, materials, components and other technologies for the development of Generation 2.0 electric vehicles
The investment enables co-development of eco-friendly vans and other products for logistics, on-demand ride-hailing, and shuttle service companies. The partnership takes advantage of Arrival’s scalable ‘skateboard’ platform technology to underpin future Purpose Built Vehicles (PBV) from the two car makers. Through the deal, Hyundai and Kia plan to introduce small and medium-sized electric vans and other products for logistics, on-demand ride-hailing and shuttle service companies.
Arrival’s scalable electric platform can be adapted for multiple vehicle categories and types which Arrival, Hyundai and Kia will explore for the development of a range of Purpose Built Vehicles (PBV).