Hyundai and Kia have already invested 100 million euros in Arrival, while the startup was estimated at 3 billion euros.
Hyundai Motor Company and Kia Motors Corporation have announced that they have invested $ 100 million in the British startup Arrival, whose main shareholder is former Yota CEO Denis Sverdlov.
Hyundai and Kia plan to use the Arrival platform to build small commercial electric trucks. Arrival claims that the transfer of existing models of cars with internal combustion engines to an electric drive platform leads to their cost increase and reduced efficiency. Therefore, Arrival prepares unique projects from scratch in order to reduce the cost of the final product.
Thanks to the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and gradually establish our leadership in the global market for environmentally friendly vehicles.
Albert Birmann, President, Hyundai Motor Group
Arrival was founded in 2015, it has divisions in the USA, Germany, Tel Aviv, Russia and the UK, engaged in electric vehicle platforms, software development, components and new materials.