Hyundai invests $110m in UK electric van startup Arrival
Deal makes Arrival one of the UK’s largest unicorns
Korea’s Hyundai Group has announced it will back UK electric vehicle startup Arrival, making it one of the UK’s largest unicorns.
The company will start selling battery-powered delivery vans in 2021.
Hyundai Motor Co and Kia Motors Corp will invest $100m (£85m) in the London-based firm, which says its vans will have a range of 300 miles between charges.
Arrival, which has 800 employees in five countries, says its vehicles will have advanced driver assist features and will be able to be upgraded with self-driving systems.
The investment underscores Hyundai’s intentions to establish its leadership in the global eco-friendly vehicle market., Albert Biermann, president and head of research and development at Hyundai Motor Group, said in a press statement
This is a market which is expected to grow rapidly with advancing environmental regulations.
Prototypes of the first full version of Arrival’s electric delivery vans powered by BlackBerry technology are due to hit the roads in early 2020, trialled by DHL, Royal Mail and John Lewis.