Hyundai & Kia invest in Arrival

Delivery firms including Royal Mail have expressed an interest in Arrival's electric van  Close   

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South Korean auto giants Hyundai and Kia have invested £85m in electric van maker Arrival, making the electric vehicle (EV) innovator one of the UK's most valuable start-ups, the firms announced yesterday. The announcement said the firms aim to "introduce competitively priced small and medium-sized electric vans", though various other models outside of these remits could follow.

Arrival has built a scalable electric platform - often referred to as a "skateboard" - that can be adapted for use in various-sized vehicles across different segments.

In a statement, Hyundai and Kia said the investment in Arrival would help them transform "from vehicle makers to clean-mobility providers".

They have signed a contract for investment in Arrival - with Hyundai investing €80 million and Kia contributing €20 million - and for the joint development of electric vehicles (EVs). Hyundai and Kia have been making unbelievable vehicles with uncompromising quality and share our vision for an electric mobility future.

The Head of the Hyundai Research and Development Department, Albert Biermann has said that the eco-frienly automobile market in Europe is anticipate to expand at a faster rate owing to the reinforcement of the enviornmental rules.

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With over 300 million commercial vehicles in the world, this will have a huge impact on people, business and the planet.Arrival has created in-house software, components, sustainable materials and modular skateboard platforms to enable Generation 2 vehicles. The company is conducting a number of pilot programs with a number of logistics companies in Europe, according to the announcement.

To avoid big fines for exceeding the targets, automakers are either doubling down to ensure they can reach the targets by selling more eco-friendly vehicles, or buying credits from other automakers such as in the case of Fiat-Chrysler and Tesla. From 2021, the European Union will introduce the world's most stringent vehicle emissions regulations, cutting each automaker's fleet-wide average Carbon dioxide emissions by around 27%, from 130 g/km to 95 g/km.

Both Kia and Hyundai have announced the intention to develop electric purpose-built vehicles (PBVs), with Hyundai sharing its latest PBV concept with ball-type wheels at the recent CES 2020 in Las Vegas.

Youngcho Chi, president and chief innovation officer at Hyundai, said: "This investment is part of an open innovation strategy pursued by Hyundai and Kia". To further support that strategy, Hyundai recently established Hyundai Hydrogen Mobility (HHM), the joint venture between Hyundai and Swiss hydrogen energy company H2 Energy.

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