UK electric van maker Arrival secures £85m from Kia and Hyundai
by Jasper Jolly from Environment | The Guardian on (#4XZPB)
Investment from Korean giants means startup is valued at 3bn, giving it 'unicorn' status
The UK-based electric van maker Arrival has secured an 85m investment from South Korean car firms Hyundai and Kia - a cash injection which values the business at 3bn, defying the struggles of the British automotive industry.
The money will be used by Arrival to fund the next stage of its development as it prepares to scale up production of an electric van it hopes will rival those from more established manufacturers. The Korean companies will work with Arrival to develop new commercial vehicles with zero exhaust emissions.
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