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October 15, 2020

BlackRock puts $118m into UK electric vehicle startup

British electric vehicle startup Arrival reportedly said it had raised $118 million from US funds manager BlackRock.

By Olly Wehring

British electric vehicle startup Arrival reportedly said it had raised US$118m from US funds manager BlackRock.

Five year old Arrival is focused on development of electric commercial vehicles, including vans and buses. It previously had raised $111m from Hyundai Motor and sister company Kia Motors as well as an undisclosed amount from United Parcel Service, Reuters reported.

Before the latest funding round, Arrival was valued at $3.3bn by investor website PitchBook, the report noted.

Arrival has an order for 10,000 electric delivery vans from UPS with an option for another 10,000.

It is positioned as a potential rival to US startup Rivian, which is backed by Ford and Amazon, among others, and is building 100,000 electric delivery vans for Amazon.

BlackRock also is backing Rivian, Reuters added.

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