Arrival secures £85.2m from Hyundai and Kia to accelerate commercial electric vehicle production.
Hyundai and Kia led the investment round to support the joint development of commercial electric vehicles.
Arrival is a financial technology company that simplifies utility setup and bill consolidation for private renters and property operators. The platform streamlines household finances and aims to reduce administrative friction in the rental market.
Arrival has secured £85.2m in funding from Hyundai Motor Company and Kia Motors Corporation to accelerate the deployment of commercial electric vehicles. The strategic partnership involves joint vehicle development using Arrival technology and manufacturing infrastructure. The capital supports the firm as it transitions from research and development into full scale production.
The investment allows Arrival to utilise the manufacturing expertise of the two automakers while providing them with access to proprietary micro-factories and skateboard platforms. J.P. Morgan acted as financial advisor for the transaction.
From the founder
"Arrival has created a game changing product category – Generation 2 Electric Vehicles. Hyundai and KIA make world-class vehicles with uncompromising quality. This strategic partnership will empower our companies to scale Generation 2 Electric Vehicles globally"
Denis Sverdlov
Founder and CEO at Arrival
Use of funds
- 01Continue product development
- 02Scale operations
