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UK-based EV Manufacturer Arrival Secures £85m Funding from Kia and Hyundai
16 Jan 2020
Arrival, who manufacture next-generation electric vans in Banbury, have secured investment of £85m from South Korean automotive giants Kia and Hyundai in a deal that values the UK-based firm at over £3bn.
As a result of the deal, Arrival hopes to advance its plans to compete with more established rivals in the production of its electric vans by ramping up production levels.
To date their futuristic-looking zero-emission vans, priced competitively against petrol and diesel equivalents, have been trialled by the likes of DHL, DPD, BT and Royal Mail.
Arrival’s self-developed innovative manufacturing technologies and processes are admired by many other manufacturers globally for their speed and cost effectiveness, hence the investment by Kia and Hyundai who hope to modernise their own processes as a result of the deal.
Hyundai’s head of innovation Youngcho Chi, commented: “This investment is part of an open innovation strategy pursued by Hyundai and Kia. We will accelerate investment and cooperation with companies with advanced technology such as Arrival, to respond to the rapidly changing eco-friendly vehicle market.”
Reference: The Guardian (2020) "UK electric van maker Arrival secures £85m from Kia and Hyundai'" Available at: https://www.theguardian.com/business/2020/jan/16/uk-electric-van-maker-arrival-secures-85m-from-kia-and-hyundai (16/1/2020)
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