South Korean car giants Hyundai and Kia have invested more than $110m in Arrival, the British start-up,media reported. A Spokesman for Arrival said the investment made it one of the UK’s most valuable start-ups, valued at 3 billion euros. According to a new study by CB Insights, only five other UK start-ups have a market capitalisation above that figure.
Although Arrival is a five-year-old company with about 800 employees in five countries, including Germany, the United States and Russia, it is cautious about its activities.
The idea is to make electric cars at a cost similar to that of conventional fossil fuel cars, and to slash costs by using “micro-factories” near big cities. Its modular card platform will allow a range of models to be built on a single system, and its prototype is currently being trialled at global courier companies such as DHL, UPS and Royal Mail.
“This investment is part of the open innovation strategy pursued by Hyundai and Kia,” Chi Youngcho, President and Chief Innovation Officer of Hyundai Motor, said in a statement. “
Hyundai is expected to invest $35 billion in autonomous driving and electric vehicles.