Hyundai Motor Company and Kia Motors Corporation have decided to inject 100 million euros into the start-up British Arrival, developer of innovative electric utility vehicles.
Arrival hits home. Founded in 2015, this “unicorn” landed from across the Channel has been able to convince beyond the Pacific Ocean. And for good reason: the two Korean giants Hyundai and Kia have announced that they have invested 100 million euros in the company for benefit from its technology in the electric utility segment.
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As part of this strategic partnership, the two car manufacturers will therefore use the Arrival platforms, on which its flagship model is currently produced: the Generation 2, a large van with zero emission stamps. By benefiting from Hyundai-Kia’s serial manufacturing expertise, it will thus be able to evolve ” worldwide » enthusiastically declares Denis Sverdlov, founder and CEO of Arrival.
Focus on the European fleet market
As the greening of commercial vehicle fleets is in full swing, « we will accelerate cooperation with companies with advanced technologies such as Arrival to respond to the rapidly evolving green vehicle market, ”said Youngcho Chi, President and Chief Innovation Officer at Hyundai Motor Group. Especially the European one since, as Albert Biermann, president and head of the research and development division of Hyundai Motor Group, points out, the latter “ expected to grow rapidly due to tighter environmental regulations ».
Thanks to a design and assembly process in “micro-factories”, the Generation 2 of Arrival ” will be offered at the same or lower prices to those of current fossil fuel vehicles, ”said a joint statement. However, these “connected” vehicles should not be marketed before 2025, date on which the Asian entity Hyundai-Kia intends to sell more than 500,000 electric vehicles.