By Choi Kyong-ae
SEOUL, Jan. 16 (Yonhap) -- Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday they have invested 129 billion won (US$110 million) in the U.K.-based electric vehicle startup Arrival as they are betting on future mobility technologies.
Hyundai and Kia have made the investment to jointly develop commercial electric vehicles, such as vans and buses, for the European market and sell them to local logistics and car-hailing companies, Hyundai Motor Group said in a statement.
The Korean carmakers expect the investment in Arrival to help them to develop purpose built vehicles (PBVs) that allow passengers to enjoy tailored services while traveling to their destinations.
Upon personalization, PBVs can function as a restaurant, coffee shop and hotel, or even a clinic and pharmacy, in addition to an urban shuttle.
Hyundai Motor Group plans to foster hydrogen fuel-cell electric vehicles and all-electric vehicles into future growth drivers at the same time in the growing environment-friendly commercial vehicle markets, the statement said.
The group didn't provide details about the investment.