(Reuters) – The start-up British electric car Arival said it has received $118 million from US fund manager BlackRock.
Arival has been concentrating for five years ago on developing electric commercial vehicles, including vans and buses. It had previously received a funding of $111 million from Korean automotive manufacturer Hyundai Motor and its counterpart Kia Motors Corp., in addition to an undisclosed amount from international shipping company UPS.
According to information provided by investment site Beachbook, the company’s value before the funding was at $3.3 billion.
Arival currently has an order of 10,000 electric delivery trucks for UPS, with an optional supply for another 10,000.
Arival has been identified as a potential competitor to US start-up Rivian, which is backed by Ford Motor Company and Amazon. However, Rivian currently manufactures 100,000 electric delivery trucks for Amazon.
Moreover, BlackRock also provides support to Rivian as well.