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South Korean company: Hyundai and Kia invest in British electric vehicle manufacturers

2020-01-16T09:01:56.074Z

ZEIT ONLINE | News, backgrounds and debates



Seoul (AP) - As part of its plans for more electromobility, the South Korean car company Hyundai is entering into a strategic partnership with the British e-truck manufacturer Arrival.

South Korea's industry leader Hyundai Motor and its smaller sister Kia Motors have announced that they will invest 100 million euros in the start-up company founded in 2015. Hyundai take over 80 and Kia 20 million euros. Both manufacturers wanted to "use Arrival's key technologies to achieve their recently announced goal of developing mobility services and electrifying their vehicle fleets," the British company said.

Together with Kia, Hyundai is the fifth largest automaker in the world. At the beginning of December, Hyundai announced that it wanted to move into the group of the three largest manufacturers of batteries and fuel cell vehicles by 2015. The aim is to manufacture 670,000 electric vehicles, including battery-operated electric cars, every year.

With Arrival, the South Koreans want to build small and medium-sized electric delivery vans as well as “other products for logistics, transport service and shuttle service companies”. The British have developed a futuristic looking van for the delivery market. "The partnership with Arrival will help Hyundai and Kia meet the rapidly growing demand for environmentally friendly commercial vehicles in Europe and accelerate the change of brands from car manufacturers to providers of clean mobility," said Albert Biermann, head of the research department of the Hyundai Motor Group. cited.

Source: zeit

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