Hyundai Motor Group said Thursday that it will invest 129 billion won ($111 million) in London-based EV startup Arrival, in an effort to secure electric vehicle manufacturing technology and market dominance.
According to the automaker, the two firms agreed to cooperate in developing urban-type EVs, after clinching a deal at the Hyundai Motor Group headquarters on Thursday.
Albert Biermann (right), the head of R&D at Hyundai Motor, and Denis Sverdlov, CEO of Arrival, pose for a photo after clinching a deal at Hyundai Motor Group in Seoul on Thursday. (Hyundai Motor Group)
Established in 2015 Arrival is an EV-developing startup focused on commercial-type vehicles including vans and buses. The company is headquartered in the UK, while its research centers and production facilities are located in the US, Germany, Israel and Russia.
Hyundai Motor said Arrival’s technological strength in developing a module-type “skateboard platform” will reduce the cost of manufacturing and enhance customization for clients as well as cut down manufacturing time.
The skateboard platform locates heavy batteries on the platform and compact motors at the ends or corners of the floorpan, allowing flexibility for several models to be built upon the platform.
According to the industry, the market for EVs used for logistics and transport is expected to grow to 1.3 million units by 2025, up 33 percent from the current 316,000 units.
By Kim Da-sol (firstname.lastname@example.org