BlackRock invests $118 million in UK electric vehicle startup Arrival
Reuters
Published Oct 14, 2020 15:35
(Reuters) - British electric vehicle startup Arrival said on Wednesday it has raised $118 million (90.4 million pounds) from U.S. funds manager BlackRock Inc (N:BLK).
Five-year-old Arrival is focused on development of electric commercial vehicles, including vans and buses. It previously had raised $111 million from Korean automaker Hyundai Motor Co (KS:005380) and sister company Kia Motors Corp (KS:000270), as well as an undisclosed amount from United Parcel Service (N:UPS).
Before the latest funding round, Arrival was valued at $3.3 billion by investor website PitchBook.
Arrival has an order for 10,000 electric delivery vans from UPS, with an option for another 10,000.
It is positioned as a potential rival to U.S. startup Rivian, which is backed by Ford Motor (N:F) and Amazon (O:AMZN), among others, and is building 100,000 electric delivery vans for Amazon.
BlackRock also is backing Rivian.
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Written By: Reuters
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