E-Vehicle Startup Arrival Gets €100 Million Investment From Hyundai and Kia

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  • Hyundai and Kia will use Arrival’s flexible skateboard platforms and technologies to create new purpose built electric vehicles (PBVs)
  • Arrival employs over 800 people globally and is headquartered in London

UK- based e-vehicle startup Arrival has announced that it has received a €100 million investment from Hyundai and Kia. Hyundai and Kia will use key Arrival technologies to achieve the goal to develop mobility services and electrify their vehicle fleets.

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.”

Generation 2 Electric Vehicles

Arrival was founded in 2015. It creates Generation 2 Electric Vehicles. It employs over 800 people globally and is headquartered in London. It also has offices in Germany, Netherlands, Israel, Russia and the US.

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The company said that it has created in-house software, components, sustainable materials and modular skateboard platforms for Generation 2 vehicles. It also said that purpose built vehicles of any weight, type, size and shape are produced from Arrival’s platforms and assembled by microfactories

Purpose built electric vehicles

Hyundai and Kia will use Arrival’s flexible skateboard platforms and technologies to create new purpose built electric vehicles (PBVs) in different vehicle categories. Hyundai and Kia will use Arrival’s microfactories and software innovation. On the other hand, Arrival will be able to use the company’s footprint and economies of scale. This will help to speed up the ‘Two Track’ strategy of Hyundai. This strategy aims to bring zero-emissions battery and fuel cell technologies to the commercial vehicle market.

Avinash Rugoobur, Arrival’s chief strategy officer 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.”

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