The contract between the three companies was signed at the Hyundai/Kia headquarters in Seoul, Korea, with Albert Biermann signing on behalf of the Korean manufacturers and Denis Sverdlov, CEO of Arrival, present for the EV start-up. The deal seas Kia put forward €20 million ($22 million) and Hyundai the remaining €80 million ($88 million). Hyundai and Kia will leverage Arrival's existing connections, with the brand already partnering with several logistics firms across Europe.

If this sort of concept seems familiar, it's because, in February of 2019, Amazon invested a massive $700 million in American EV start-up, Rivian, and followed up later in the year by ordering 100,000 electric vans. Ford has also invested heavily in Rivian, putting forward half a billion dollars of their own for the use of Rivian's skateboard vehicle platform.