Arrival attracts major investment from Hyundai and Kia to move into series production of EVs
By Jim Gibbins - 1st February 2020
UK / South Korea – UK-based electric van manufacturer Arrival Ltd of London has attracted a GBP85m (EUR100m) investment from Korea vehicle makers, Hyundai Motor Company and Kia Motors Corporation both of Seoul, South Korea. The money will be used by Arrival to scale up production of its electric vehicles targeted at the commercial vehicle market.
The cash injection - which gives the Korean firms a 3% stake in the UK-based e-delivery start-up company - when extrapolated values Arrival at GBP3.333bn. It also means the company has achieved an American term of ‘unicorn’ status, which is when a new company is valued at more than USD1bn (GBP770m).
