EV startup gains unicorn status after £86 million investment from Kia and Hyundai
In their mission to create zero-emission cars, vehicle giants Kia and Hyundai have invested £85.6 million in London-headquartered EV firm Arrival.
It means the creation of a strategic partnership between Kia, Hyundai and Arrival, so the two established manufacturers can use the latter's technology to make their models electric and develop more mobility services.
South Korea-based Kia and Hyundai, who employ around 170,000 between them, are hoping to meet the expectations of many as automotive moves away from fossil fuels.
Arrival was founded in 2015 by Denis Sverdlov, a Russian entrepreneur. It now employs more than 800 working across five countries. This investment means it can now be valued at £3 billion, making it a unicorn for the first time.
Youngcho Chi, Hyundai Head of Innovation, 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.”