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Kia and Hyundai Set to Invest $110 Million on a Startup Electric Van Company

Hyundai Makes Foray into Indonesia With Massive Investment

According to reports, Hyundai and Kia will be investing $110 million in Arrival Ltd, a UK electric van startup. The statement made by the companies on Thursday confirmed that the fund is to help Arrival start selling its battery-powered delivery vans before the end of next year.

The London –based electric car startup was established in 2015. It intends to launch the electric-powered vans which would cover about 300 miles on a full charge.

Arrival stated that its partnership with Kia and Hyundai is to develop a wide range of electric cars for the commercial market. Those cars will be designed using modular’s prototype platform that bundles chassis components, batteries, and the motor.

Arrival has already manufactured a futuristic-looking shuttle bus. The model would resemble the skateboard developed by Rivan, a U.S. startup

Arrival is also supported by some top global brands, including Amazon and Ford Motor. It has an obligatory role to establish about 100,000, which would all be ready before the end of 2021, according to Arrival.

Kia and Hyundai Set...

Arrival promised consumers that its cars would contain state-of-the-art driver-assist features. The company said its vehicles will be equipped with advanced driver-assist features and can be upgraded with self-driving systems.

Van set for rollout with moderate pricing

Last year, Arrival hired GM’s Michael Ableson to take charge of its North American operations.

It also has small factories in England and Banbury, with over 800 employees in five different countries, which includes Israel, Russia, and Germany. The company said it would start work on the project and hopefully roll out its first models of electric cars and vans by next year.

Earlier, Arrival said it was going to use the QNX OS of Blackberry to add safety features to the new batch of electric cars. `

Also, the company stated that Ups, DHL, and Royal Mail are currently testing its flagship delivery vans.

The cars will be sold for the same price as other models powered by mechanical combustion. According to Arrival, it’s going to develop the supercars using small micro factors, which is in stark contrast with Tesla massive gigabyte.

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Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.