Hyundai, Kia invest $110m in UK

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Korea’s Hyundai Group is backing a UK electric vehicle startup that plans to begin selling battery-powered delivery vans in 2021, the companies said on Thursday. Hyundai Motor Co (005380.KS) and sister firm Kia Motors Corp (000270.KS) are making the investment of 100 million euros ($110 million) in Arrival Ltd. Founded in 2015 and based in London, Arrival has developed a boxy, futuristic-looking shuttle bus aimed at the commercial delivery market. The company said its van will have a range between charges of 300 miles. In a statement, Arrival said it will work with Hyundai and Kia to develop a variety of electric vehicles, initially for the commercial market. Those vehicles will be built on Arrival’s modular vehicle platform or “skateboard” that bundles motor, batteries and chassis components, similar to the skateboard developed by U.S. startup Rivian.—Reuters