Investment by Korean Automakers
Korean automotive giants Hyundai and Kia, both part of Hyundai Motor Company, are investing $111 million in a British electric vehicle startup program. This investment will grant them access to "Arrival’s scalable skateboard" platform, which they plan to use for developing various multi-purpose vehicles (PBVs).
Company Plans
While specific plans from the Korean manufacturers remain somewhat unclear, they have indicated intentions to offer competitively priced small and medium electric trucks, alongside other products tailored for logistics and on-demand transportation services.
Statements from Officials
Albert Biermann, Head of Research and Development at Hyundai Motor Group, stated:
"The eco-friendly vehicle market in Europe is expected to grow rapidly due to the implementation of more environmental regulations. Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and gradually establish our leadership in the global eco-friendly vehicle market."
Collaboration with Arrival
According to the British company, the three businesses will collaborate to develop vehicles using Arrival's platforms and core technologies aimed at producing energy-efficient and cost-effective vehicles, as reported by Reuters.
Arrival also mentioned that its low-cost electric "vans," referred to as Generation 2, are designed to be assembled in microfactories, strategically located to serve local communities, with a small footprint to achieve profitability through thousands of vehicles.
