KIMTF - EV startup Arrival steers toward SPAC road

EV bus maker Arrival is reported to be in talks to combine with blank check firm CIIG Merger Corp. Sources indicate that the enterprise value of the new company will be set at around $5B to $6B. BlackRock (BLK) is one of the investors in Arrival.The maker of electric commercial vans and buses has also raised $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.Arrival is positioned as a potential competitor with Rivian Automotive (RIVN), which is also backed by BlackRock.

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EV startup Arrival steers toward SPAC road