The Hyundai Motor Company and Kia Motors Corporation have made a 100 million euro ($111.65 million) investment in Arrival, a little-known U.K. based start-up specializing in electric vehicles.
According to Arrival, the investment values the company, which was established in 2015, at a staggering 3 billion euros. J.P. Morgan led the firm’s funding round and valuation.
In an announcement Thursday, it was explained that the new partnership would allow for the “co-development of eco-friendly vans and other products for logistics, on-demand ride-hailing, and shuttle service companies.”
Hyundai will invest 80 million euros, with Kia contributing 20 million.
Arrival develops materials, software and…