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UK electric vehicle company Arrival has acquired £85m investment from Hyundai Motor Company and Kia Motors Corporation, it was announced today.

Lifting the business to £3bn in value, the deal makes Arrival one of the UK's largest unicorns.

The investment signals the start of a new partnership, one where all three manufacturers will work together to produce commercial electric vehicles (EVs) using Arrival tech and platforms.

The aim is to expedite demand for eco-friendly commercial transport around the world.

Arrival bring to the table their 'Generation 2' EVs; vehicles created from their own-brand software, components, sustainable materials and 'modular skateboard platforms'.

Units are purpose-built to any weight, shape or size; have similar pricing to petrol and diesel vehicles; are assembled in 'minifactories' - one of which is in the UK; and can be deployed within three months.

Hyundai and Kia will make use of Arrival's software and microfactories to electrify their fleets, while Arrival will take advantage of both manufacturers' marketing experience.

“This strategic partnership will empower our companies to scale Generation 2 Electric Vehicles globally,” Arrival CEO Denis Sverdlov says.

Hyundai Motor Group president Albert Biermann adds: “The eco-friendly vehicle market in Europe is expected to grow rapidly due to reinforcement of environmental regulations.

“Through the joint development of commercial electric vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market.”

Recent statistics suggest there are more than 300 million commercial vehicles on the road worldwide. Last year, EV's market share in the UK stood at 3.4% of all vehicles sold, a figure expected to rise to 5.5% this year, Bloomberg New Energy Finance predicts.


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