Mubasher: The UK-based electric-vehicle startup Arrival Ltd. has raised $118 million from investment giant BlackRock, the Wall Street Journal reported on Wednesday.
The investment boosted the valuation of the electric-vehicle manufacturer at about EUR 3 billion ($3.5 billion), a person familiar with the matter told the international newspaper.
BlackRock, the world's largest asset manager with $7.8 trillion in assets under management, joins the electric vehicle maker’s existing backers Hyundai Motor Co. and Kia Motors Corp. that together invested a total of EUR 100 million in January.
Arrival, which manufactures electric-powered city buses and commercial vans, says on its website that its vehicles can travel up to 300 miles without recharging and reduce ownership costs by 50%.
It is currently preparing to deliver 10,000 vans to UPS in the US and Europe through 2024.