Unicorn status for UK electric van maker

Oxfordshire-based electric van maker Arrival is defying the struggles of the UK automotive industry. 

The company has just secured a further £85 million worth of investment from Hyundai and Kia, taking its total valuation to £3bn and therefore achieving ‘unicorn’ status. 

Targeting urban delivery, the prototype vans are already being trialled by delivery companies such as Royal Mail, DHL and BT. Arrival hopes that the new investment and assistance from major vehicle car manufacturers will assist global expansion.

This investment was probably triggered by the Korean giants’ need to improve their electric vehicle production capacity. Arrival’s USP is its modular design which it has integrated with its micro factory strategy. The business has clearly persuaded the investors they can have profitable low-volume production and low development costs.

This is a great boost to EV innovation in the UK and should get us closer to that crucial ‘last mile’ solution.