January 20, 2021

Arrival’s Electric Vehicle Vision Gets $118 Million Boost From BlackRock

Arrival, an electric vehicle maker backed by Hyundai and Kia that’s preparing to build electric delivery vans for UPS, just raised $118 million from investment giant BlackRock
BLK
to fund small-scale factories that the U.K.-based startup says give its battery-powered models a cost advantage over competitors.

BlackRock’s investment is the biggest infusion of funds Arrival has won to date and comes days after the company said its first U.S. “microfactory” will be built in South Carolina. The $46 million facility will be able to make as many as 1,000 electric buses a year and employ 240 people when it opens late next year. Arrival’s first microfactory, in Bicester, England, also opens in 2021.

“This additional capital will be invested into Arrival’s growth, as we deepen and

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