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 components, while its scalable electric platform “can be adapted for multiple vehicle categories,” according to Thursday’s announcement.
At the moment, the firm is undertaking pilot projects with logistics companies in Europe that use vans built with its technology.
“This investment is part of an…