Hyundai and Kia have announced a strategic investment of €100m (US$110m) in a new partnership with Arrival, a UK-based electric vehicle startup.
Through the partnership, Hyundai and Kia plan to introduce competitively priced small and medium-sized electric vans and other products for logistics and on-demand ride hailing and shuttle service companies.
Arrival’s scalable electric platform can be adapted for multiple vehicle categories and types which Arrival, Hyundai and Kia will explore for development of a range of purpose-built vehicles (PBV).
Currently, Arrival is carrying out pilot projects with multiple logistics companies in Europe using cargo vans manufactured with its technology. By working with Arrival, Hyundai and Kia plan to supply eco-friendly vans and buses – built in volume and based on Arrival’s platform – to European logistics companies and mobility companies that provide on-demand ride hailing and shuttle services.
“We are excited to come out of stealth mode with our partnership with Hyundai and Kia, a globally respected OEM with brilliant products on the road, and our complementary expertise will allow us to rapidly transition to full scale global production. Accelerating electric vehicle adoption is good for everyone – for people, business and the planet and we are pleased to undertake this mission with our partners Hyundai and Kia,” said Avinash Rugoobur, chief strategy officer, Arrival.