KIMTF - EV startup Arrival adds BlackRock to blue chip roster of backers

British electric vehicle startup Arrival discloses that it brought in $118M through investments by BlackRock (BLK). The maker of electric commercial vans and buses previously raised from $111M Hyundai Motor (HYMLF) and sister company Kia Motors (KIMTF), as well as an undisclosed amount from UPS (UPS), which ordered 10K electric delivery vans from Arrival.The estimated value of Arrival before the latest funding round was $3.3B. Arrival is positioned as a potential competitor with Rivian Automotive (RIVN), which is also backed by BlackRock.

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EV startup Arrival adds BlackRock to blue chip roster of backers