Hyundai Motor Co. and Kia Motors Corp. recently announced their $110 million investment in a new partnership with a UK-based electric-vehicle startup, Arrival.
Hyundai President and Head of the Research and Development Division Albert Biermann and Arrival CEO Denis Sverdlov signed a contract on Jan. 16 to seal their plan to jointly develop electric vehicles.
"The eco-friendly vehicle market in Europe is expected to grow rapidly due to the introduction of further environmental regulations," Biermann said in a press release. "Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront."
"Arrival has created a game-changing product category – Generation 2 Electric Vehicles," Sverdlov said in the release. "Hyundai and KIA make world-class vehicles with uncompromising quality. This strategic partnership will empower our companies to scale Generation 2 Electric Vehicles globally."
Alerts Sign-up