Oct 14, 2020 - Economy

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

Ben Geman

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

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