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UK based electric vehicle company Arrival announced that it had secured an £85m investment from Hyundai and Kia, taking the value of the business to £3bn and creating Britain’s latest unicorn – a company valued at more than $1bn.
The investment, which defies the struggles of the British automotive industry, will be used in the next stage of Arrival’s development, preparing to scale up production of an electric van and commercial vehicles with zero exhaust emissions. It will also enable Kia and Hyundai to have access to Arrival’s modular design manufacturing technology, which differs from traditional assembly lines, assisting the South Korean car firms to “respond to the rapidly changing eco-friendly vehicle market”.
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