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Hyundai and Kia to Co-Develop EVs

New partnership will accelerate the development of electric commercial vehicles for the European market.

Hyundai Motor Company and Kia Motors Corporation have announced a strategic investment of US $110 million in a new partnership with Arrival, a UK-based electric vehicle startup.

Through the partnership, Hyundai and Kia plan to introduce competitively priced small and medium-sized electric vans and other products for logistics, on-demand ride-hailing and shuttle service companies. 

The partnership with Arrival will help Hyundai and Kia meet the rapidly growing demand in Europe for eco-friendly commercial vehicles, and accelerate the brands’ transformation from car makers to clean-mobility providers.

“The eco-friendly vehicle market in Europe is expected to grow rapidly due to the introduction of further environmental regulations,” said Albert Biermann, President and Head of Research and Development Division for Hyundai Motor Group. “Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront.”

While Europe may be the focus for now, eventually the goal will be to take these electric commercial vehicle to the global market. ”Arrival has created a game changing product category – Generation 2 Electric Vehicles,” added Denis Sverdlov, Chief Executive Officer of Arrival. “This strategic partnership will empower our companies to scale Generation 2 Electric Vehicles globally.”

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