Investment from Korean giants means startup is valued at £3bn, giving it ‘unicorn’ status
The UK-based electric van maker Arrival has secured an £85m investment from South Korean car firms Hyundai and Kia – a cash injection which values the business at £3bn, defying the struggles of the British automotive industry.
The money will be used by Arrival to fund the next stage of its development as it prepares to scale up production of an electric van it hopes will rival those from more established manufacturers. The Korean companies will work with Arrival to develop new commercial vehicles with zero exhaust emissions.
Read more: theguardian.com