Top 5 EV News Hyundai & KIA invest in British start-up to develop commercial EVs
By Wynand Goosen | Jan 15, 2020
Hyundai Motor Company and Kia Motors Corporation furthered its clean mobility strategy through strategic investment of €100 million in a new partnership with the British autonomous EV startup, Arrival.
KIA and Hyundai expect to enter the market for small and medium-sized commercial EVs to supply logistics, ride-hailing, and shuttle service companies by using Arrival's modular electric platform. The strategic investment is in the form of a partnership where Hyundai contributes 80% and KIA 20% of the total investment.
Albert Biermann, President and Head of Research and Development Division for Hyundai Motor Group, said: “Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront.”
Arrival’s CEO and founder, the Russian entrepreneur Denis Sverdlov added: “Arrival has created a game changing product category - Generation 2.0 electric vehicles. Hyundai and Kia have been making amazing vehicles with uncompromising quality and share our vision for an electric mobility future. Our Strategic Partnership with Hyundai and Kia means we will scale Generation 2 electric vehicles globally and importantly - in the very near future.”