Hyundai and Kia put over $110M into UK electric delivery vehicles startup Arrival

Hyundai and Kia put more than $110 million in U.K. startup Arrival, making it one of Britain’s most valuable startups, valuing $3.4 billion

Their idea is to make electric vehicles at similar costs to traditional fossil fuel vehicles but by drastically cutting costs by using “microfactories” close to major cities for manufacturing.

Its modular “skateboard” platform will allow a range of models to be built on one system and its prototypes are already participating in trials by global delivery companies such as DHL, UPS and Royal Mail.