Hyundai, Kia invest $110 million in EV startup Arrival

Arrival CEO Denis Sverdlov (left) and Hyundai President and Head of the Research and Development Division Albert Biermann signed a contract on Jan. 16 to seal their plan to jointly develop electric vehicles.
Arrival CEO Denis Sverdlov (left) and Hyundai President and Head of the Research and Development Division Albert Biermann signed a contract on Jan. 16 to seal their plan to jointly develop electric vehicles. | Photo courtesy of Hyundai Motor Company

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."

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