The funding will be used to support the next stage of the company's development as it looks to upscale its production of an electric van it hopes will rival established manufacturers. The Korean companies will work with Arrival to develop new commercial vehicles with zero exhaust emissions.
The £3bn valuation means Arrival has achieved “unicorn” status, a new company valued at more than $1bn (£770m).
Founded in 2015 the company has grown rapidly and now employs 800 people.It has a factory in Banbury, and is planning to build “microfactories” near major markets such as Los Angeles and New York. These factories will be producing only a few thousands vans a year, according to the company.
The company's vast electric powered van is targeted at urban delivery, due to the shorter ranges provided by current battery technologies and prototype vans ae being trialled by delivery companies including Royal Mail, DHL and DPD, as well as BT.
The use of the microfactory concept is possible as rather than using traditional assembly line processes the company has developed a modular design which means that robots can be used to assemble a van in a single location. The cost savings are said to be significant with the company claiming that it can product a new vehicle platform for just £100m, compared to traditional carmakers which face costs in excess of £1bn.
Arrival has developed most of the vehicle itself, including software, components, materials and its modular “skateboard” platform.
