It is the largest investment in the British car industry since then, as the country voted to secede from the EU in 2016.
Korean manufacturers have estimated start-up of 3 billion euros, making it one of the most valuable British startups. It also gives a boost to the automotive industry in the UK at a time when investment falls because of concern about trade relations with Europe, the largest export market, informs enovosty.com/news.
Since the vote for the Brexit Japanese automakers Nissan and Toyota have invested heavily in creating new models in the UK, however, according to the Society of manufacturers and traders, total expenditures in this sector fell sharply, as international investors delay or divert funding.
Thanks to investment will be built thousands of electric cars at plants in the UK and abroad.
“This will lead to significant cooperation, it is much more than just investments,” said chief strategist-Manager of the company’s Arrival Avinash Rugaber.
The partnership is an example of recognized makers are turning to startups to help them to produce battery electric vehicles as they seek to fill the gaps in their technological know-how.
In the US, Ford has partnered with the American company on manufacture of electric pickups Rivian for the production of new vehicles and invest $ 500 million. In Europe Rimac, the Croatian supercar manufacturer, sells its technology to a number of brands.
Angco Chi, Director of innovation at Hyundai, said the company is speeding up “investment and cooperation” with companies that spetsializiruyutsya on new technologies such as Arrival.
Hyundai and KIA, whose cross-ownership of shares looks in the eyes of many as one the business, behind many of its European competitors in the deployment of electric vehicles in its lineup.
Cars Arrival of the first generation were the usual vehicles with battery electric technology, and has been used by companies such as Royal Mail and BT. A new generation of models was developed from scratch and uses a flexible “skeytborde” chassis, which Hyundai and KIA will also be used as a base for a new line of cars with a battery.
Founded in 2015, the company Arrival has focused its development on city cars, which is dominated by diesel fuel. But they may face a potential problem because city officials are trying to solve the problems of air quality. This investment means that the new electric vehicle will be comparable in price to conventional diesel car, but with much lower operating costs and fuel costs.
“Our goal was to make electric cars at par,” said Financial Times Executive Director Denis Sverdlov.
The use of new production technology which allows them to produce vehicles at “microfabrica”, in order to avoid equipment costs. And it is known, forces existing brands to exploit the huge factories that produce hundreds of thousands of cars a year.
The company itself develops almost all of its components, that allows to reduce costs, bypassing the existing auto suppliers.