Energy

UK electric vehicle start-up Arrival values itself at $3.3 billion

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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…



Source cnbc.com

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