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Hyundai and Kia invest $110 million in UK electric van startup Arrival

The vans will have a 300-mile range and cost the same as gasoline-powered alternatives

Hyundai Motor Co and sister firm Kia Motors Corp are making the investment of 100 million euros (84.34 million pounds) in Arrival Ltd. Founded in 2015 and based in London, Arrival has developed a boxy, futuristic-looking shuttle bus aimed at the commercial delivery market. In a statement, Arrival said it will work with Hyundai and Kia to develop a variety of electric vehicles, initially for the commercial market.