October 27, 2020

BlackRock Bets on Electric-Vehicle Startup Arrival With $118 Million Investment

The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter. Arrival is expected to announce the investment later Wednesday.

BlackRock, the world’s biggest money manager overseeing $7.8 trillion in assets, is joining the startup’s existing backers—auto manufacturers

Hyundai Motor Co.

and

Kia Motors Corp.

Those companies together invested a total of €100 million in January.

BlackRock is investing at the same valuation as Hyundai and Kia because it had started its negotiation around the same time as the other two investors. However, the coronavirus pandemic slowed its talks, according to the person familiar with the matter. U.S. delivery company

United Parcel Service Inc.

is also an investor but the amount it has contributed couldn’t be learned. Together, the four investors will own an undisclosed minority stake, according to the person.

The fundraising is the latest in a wave

Read More

From Argentina to Canada, Pan-American Electric-Vehicle Road Trip Now Possible

Photo credit: Apple TV+ via YouTube
Photo credit: Apple TV+ via YouTube

From Car and Driver

  • Enel X works on EVs and renewable-energy projects around the world and has installed more than 200 new charging points in South and Central America to make a really long West Coast journey possible for EV drivers.

  • The infrastructure expansion was made as part of the new Long Way Up television documentary, which sees Ewan McGregor and a friend (pictured above) ride electric Harleys north to Los Angeles from the southern tip of Argentina.

  • South America is not exactly an EV hot spot, but at least one research firm predicted the “nascent Latin American market” recently passed an inflection point.

When it comes to electric vehicles, the main global markets are China, Europe, and North America. Despite the never-ending discussion about range anxiety, EVs don’t necessarily want to be penned in.

Now, thanks to Enel X, electric vehicle drivers now

Read More