- General
- October 14, 2020
- 4 minutes read
Arrival Nabs $118M From BlackRock
Photo credit: Arrival Arrival, a UK-based electric vehicle upstart, has announced that it’s raised $118 million of funds from US-based asset…
 |
| Photo credit: Arrival |
Arrival, a UK-based electric vehicle upstart, has announced that it’s raised $118 million of funds from US-based asset management firm BlackRock. The company intends to use the new funds to support its growth plans as it ramps up vehicle production, plans which include the launch of its first US manufacturing facility in the state of South Carolina. With the new funding, Arrival is now known to have raised over $230 million in private funding since its inception. Before now, the company was backed by investors including Korean automaker Hyundai.
Arrival is an electric vehicle upstart that’s focused on producing lightweight electric commercial vehicles. The company has based its operations around “microfactories” that can be easily set up globally to churn out vehicles. Even before commencing production, Arrival has already secured an order of 10,000 electric vans from US courier giant UPS, with the option to buy an additional 10,000 vans. The company is now ramping up production to fulfill UPS’s demand and as well sell to other potential customers.
Founded only five years ago, Arrival has scaled to having over 1,200 employees across the UK, US, Germany, Netherlands, Israel, Russia, and Luxembourg. Such a global presence points to the company looking to tap a customer base from companies around the world.
Arrival intends to fulfill UPS’s order of 10,000 vehicles from this year through 2024. After that, it then intends to ramp up production to begin selling to others. Along with an electric van, Arrival also intends to produce a passenger bus and has already begun trials for the planned electric bus.
