Hyundai Motor Company has partnered with Kia Corporation Motors to jointly invest in the manufacturing of electric cars. Hyundai invested €80m (₦32,215,085,000.00)while Kia invested €20m (₦8,053,481,250.00) which has been given to UK-based start-up who manufacture electric vehicles called Arrival.
According to a reliable news report, the company contracted Arrival to help in the manufacturing of electric cars so that, they will be able to meet Europe’s high demands of clean commercial vehicles.
Speaking on the new development, Hyundai Motor Group President, Albert Biermann said the partnership will help the company compete in the global vehicle market.
“The eco-friendly vehicle market in Europe is expected to grow rapidly due to the introduction of further environmental regulations. Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront,” Biermann said.
It would be recalled that Hyundai Motor Group announced its intention to invest $87 billion in the production of electric vehicles. In response to the $87 billion investment, Executive Vice Chairman, Chung Eui-sun said it will be used in future mobility technologies for a period of five years.