KIA and Hyundai have collaborated for a major investment project, Arrival. The project is about the production of next generation electric cars. The good thing about these automobiles is that its engine cost much less than the traditional engine models.
Both the vehicle makers have placed $110 million in investment in the UK based startup. The investment has changed the startup into one of the most worthy startups in the nation. The complete worth of the business has reached $3.4 billion. According to the research of the CB details, only 5 other UK startups cost this much.
The firm began its operations 5 years back and had more than eight hundred employees presently. Right now the startup has expanded in 5 nations which includes Russia, the United States and Germany. The objective of the project is to form electric vehicles at a similar rate to conventional gasoline-fueled automobiles. The cost would be low significantly as it makes use of the micro-factories near the main cities.
The Head of the Hyundai Research and Development Department, Albert Biermann has said that the eco-frienly automobile market in Europe is anticipate to expand at a faster rate owing to the reinforcement of the enviornmental rules. This strategic alliance would be empowering their firms to scale the Generation 2 electric automobiles across the globe.
It is approximated that Hyundai sells 4.5 million automobiles on a per year basis whereas KIA sells more than 3 million cars. Both the firms sell an extensive range of electric and hybrid cars throughout the world.
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