Hyundai and Kia Make Strategic Investment in Arrival to Co-develop Electric Commercial Vehicles
Hyundai Motor Company and Kia Motors Corporation today announced a strategic investment of €100 million (US $110 million) in a new partnership with Arrival, a UK-based electric vehicle startup.
Arrival’s scalable electric platform can be adapted for multiple vehicle categories and types which Arrival, Hyundai and Kia will explore for the development of a range of Purpose Built Vehicles (PBV).
The partnership with Arrival will help Hyundai and Kia meet the rapidly growing demand in Europe for eco-friendly commercial vehicles, and accelerate the brands’ transformation from car makers to clean-mobility providers.
Hyundai and Kia to use Arrival’s modular, scalable ‘skateboard’ EV platform The company’s strength lies in its ‘skateboard’ vehicle platform with a modular component structure, a cost-effective base which incorporates a battery pack, electric motor and driveline components.
Fully-scalable to accommodate multiple vehicle types, the platform can be used to accelerate vehicle development to meet diverse customer needs. Currently, Arrival is carrying out pilot projects with multiple logistics companies in Europe using cargo vans manufactured with the technology.
PBVs to underpin growth in eco-friendly commercial vehicle sector Hyundai and Kia recently announced the development of fully-electric Purpose Built Vehicles (PBVs). At its CEO Investor Day on January 14, Kia also announced its plan to develop PBVs for shared-service companies and logistics companies.
Youngcho Chi, President and Chief Innovation Officer at Hyundai Motor Group said: This investment is part of an open innovation strategy pursued by Hyundai and Kia. We will accelerate investment and cooperation with companies with advanced technology such as Arrival, to respond to the rapidly changing eco-friendly vehicle market.
Jan 23, 2020 at 03:51