Kia and Hyundai invest 100 million euros more than electric vehiclesJanuary 16, 2020
Korean companies will invest a substantial amount in the British startup Arrival.
The British EV company Arrival, founded by former Yota Group director Denis Sverdlov, will receive € 100 million from Kia and Hyundai to invest in next-generation commercial electric vehicles.
Arrival was established in 2015 and is engaged in the design and development of “generation 2” electric vehicles, which are classified as “a new category of products that surpasses existing electric vehicles in cost, design and efficiency.”
The investment by Kia and Hyundai marked the beginning of a strategic partnership between firms to accelerate the development of next-generation electric vehicles. Kia recently announced its intention to introduce 11 all-electric vehicles over the next five years.
Kia and Hyundia will have access to custom-made flexible Arrivla platforms, which will allow them to produce several cars in different segments. Arrival is currently building second-generation electric vehicles in high-demand areas that Kia and Hyundai intend to use.
According to representatives of Arrivla, the commercial vehicle market will be one of the first to massively introduce electric technology. The British firm says its cars will cost the same or less than conventional alternatives.
“The environmentally friendly car market in Europe is expected to grow rapidly. Thanks to the joint development of commercial electric vehicles with Arrival, we will be able to gain a competitive advantage and gradually strengthen our leadership in the global market for environmentally friendly vehicles, ”said Albert Birmann, head of research and development at Hyundai.
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