Hyundai Motor Investment 'Arrival' to List on Nasdaq Through SPAC Merger

"Electric Bus Production Scheduled for Q4 This Year, Electric Van Production Planned for Second Half of Next Year"

[Asia Economy Reporter Yu Je-hoon] Arrival, a British electric commercial vehicle company invested by Hyundai Motor Group, has entered the US NASDAQ market.

Arrival announced that on the 25th (local time), it completed a merger with the special purpose acquisition company (SPAC) 'CIIG Merger,' which is listed on NASDAQ, and became a listed company. Accordingly, Arrival began trading on the NASDAQ market from that day under the ticker symbol 'ARVL.'

Arrival plans to use the $660 million (approximately 747.9 billion KRW) raised during this listing process for electric vehicle development. Dennis Sverdlov, Arrival's CEO, stated, "We believe that all cars will soon be electrified," adding, "Arrival will use microfactories in each region to produce highly desirable and affordable electric vehicles."

Arrival is a startup specializing in the development of electric commercial vehicles and signed an investment and electric vehicle joint development agreement with Hyundai Motor and Kia in January last year. At that time, Hyundai Motor decided to invest 80 million euros (approximately 106.7 billion KRW), and Kia decided to invest 20 million euros (approximately 26.6 billion KRW).

Arrival plans to start mass production of electric vehicles around the fourth quarter. Arrival stated, "We have already signed a contract with UPS to purchase up to 10,000 electric vehicles (for freight transport)," and added, "We expect to begin mass production of electric buses from the fourth quarter and van models in the second half of next year."

This content was produced with the assistance of AI translation services.