Hyundai and Kia Invest $110 Million in Electric Vehicle Startup
SEOUL, South Korea, Jan. 16, 2020 -- Hyundai Motor Company and Kia Motors Corporation invest USD $110 million 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, 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 the development of a range of Purpose Built Vehicles (PBV).
The partnership with Arrival will help Hyundai and Kia meet the rapidly growing demand in Europe for eco-friendly commercial vehicles, and accelerate the brands' transformation from car make...