The investment immediately makes Arrival one of Britain’s most valuable startups, valuing it at €3 billion ($3.4 billion), a company spokesperson said. According to the latest research from CB Insights, only five other U.K. startups are worth more than this.
Although a five-year-old London-based company that has about 800 employees across five countries, including Germany, the United States, and Russia, Arrival has been cagey about its activity until now.
Their idea is to make electric vehicles at similar costs to traditional fossil fuel vehicles but by drastically cutting costs by using “microfactories” close to major cities for manufacturing.
Its modular “skateboard” platform will allow a range of models to be built on one system and its prototypes are already participating in trials by global delivery companies such as DHL, UPS, and Royal Mail.
In a statement, Youngcho Chi, Hyundai’s President and Chief Innovation Officer said: “This investment is part of an open innovation strategy pursued by Hyundai and Kia”
Read more here