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Hyundai and Kia put over $110M into UK electric delivery vehicles startup Arrival

Forget the consumer market for electric vehicles. It turns out delivery vehicles could be the “Trojan horse” for electric to really take off.

Korean auto giants Hyundai and Kia made more than $ 110 million in U.K. startup Arrival, which originated from relative stealth today. The asset immediately originates Arrival one of Britain’s most valuable startups, quality it at EUR3 billion ($ 3.4 billion ), a company spokesperson said. According to the latest research from CB insights, only five other U.K. startups are worth more than this.

Although a five-year-old London-based company that has about 800 works across five countries, including Germany, the United Position and Russia, Arrival has been cagey about its activity until now.

Their idea is to form electric vehicles at similar cost to traditional fossil fuel vehicles but by drastically cutting costs by use “microfactories” close to major municipalities for manufacturing.

Its modular “skateboard” platform will allow a range of simulations to be built on one organization and its prototypes are already participating in ordeals by world-wide transmission corporations such as DHL, UPS and Royal Mail.

In a statement, Youngcho Chi, Hyundai’s chairperson and primary invention patrolman said:” This investment is part of an open invention programme pursued by Hyundai and Kia”

Hyundai is understood to be investing $35 billion in autonomous driving and electric cars.

Last year Hyundai announced a $35 billion commitment to develop self-driving engineering and electrical vehicles. As part of that, it wants to release 23 types of electrical vehicles by 2025. Last week, it unveiled a soar taxi theory with Uber at the Ces tech powwow in Las Vegas.

Read more: feedproxy.google.com

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