Oct 14, 2020 - Economy & Business

BlackRock invests $118 million in U.K. electric vehicle startup Arrival

the car. Image courtesy of Arrival.
Image courtesy of Arrival

Arrival, the U.K.-based electric van and bus company, said Wednesday that BlackRock-managed funds are investing $118 million to help fuel its expansion, including plans to build a factory in South Carolina, as first reported by The Wall Street Journal.

Why it matters: It's the latest sign of money pouring into electric vehicle startups.

  • "The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter," per the Journal.

The big picture: It's also another sign that electric vehicle companies designing vehicles for corporate and government fleets are attracting lots of interest.

  • UPS, which is also one of Arrival's investors, plans to buy at least 10,000 battery-powered delivery trucks over the next five years, as Axios' Joann Muller reported early this year.
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