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Hyundai and Kia invest $110 million in UK electric van startup Arrival

Korea's Hyundai Group is backing a UK electric vehicle startup that plans to begin selling battery-powered delivery vans in 2021, the companies said on Thursday. Hyundai and sister firm Kia are making the investment of $110 million (100 million euros or 84.34 million pounds) in Arrival. Founded in 2015 and based in London, Arrival has developed a boxy, futuristic-looking shuttle bus aimed at the commercial delivery market. The company said its van will have a range between charges of 300 miles. In a statement, Arrival said it will work with Hyundai and Kia to develop a variety of electric vehicles, initially for the commercial market. Those vehicles will be built on Arrival's modular vehicle platform or "skateboard" that bundles motor, batteries and chassis components, similar to the skateboard developed by U.S. startup Rivian. Rivian is backed by Ford and Amazon, and has a contract to build 100,000 electric delivery vans for the e-commerce giant, starting in 2021. Hyundai and Kia last year invested $89 million in Rimac Automobili, a nine-year-old Croatian company aspiring to build electric supercars that is also backed by Porsche. Arrival said its vehicles will be equipped with advanced driver assist features and can be upgraded with self-driving systems. The vehicles are designed to sell for the same price as similar models powered by internal combustion engines and to be built in small "microfactories." That strategy is the opposite of U.S. electric vehicle rival Tesla which uses massive "gigafactories." Last fall, Arrival, which until now has operated largely in stealth mode, hired General Motors veteran Michael Ableson to head its new North American operations. With a small factory in Banbury, England, Arrival said it now has 800 employees in five countries, including Germany, Russia and Israel. Arrival previously said it would use BlackBerry's QNX operating system to connect safety features in its electric vehicles. Arrival said its prototype delivery vans are being tested by the Royal Mail, DHL and UPS. Related Video: Green Hyundai Kia Commercial Vehicles Electric Future Vehicles electric delivery van

Hyundai-Kia dealer offers $180k in gift cards to local residents

In many smaller communities, auto dealers are often major players in the local business and political world, and they interact with large portions of the population. Now, Grand West Hyundai and Grand West Kia in Grand Junction, CO, are putting their marketing dollars to work in a way to help the local economy, while also potentially generating some sales at the same time. Over the next six months, the dealers are contacting about 8,000 previous customers and offering them a gift card worth at least $50 to over 100 of the city's shops and restaurants (pictured above), according to Automotive News. All people need to do to receive the certificate is stop by the showrooms. Hopefully, the visitors would check out a new Hyundai or Kia at the same time. "We'd love to sell them a new car, but it is really a customer-appreciation gesture," said Ken Reeher, the dealers' marketing manager, to Automotive News. The two stores already bought about 3,600 cards with $181,000 going into the local economy. Paying people to come to the showroom isn't really new but generally works well. The Colorado dealers expect around half of the people they contact to visit for the gift card, which is still significantly more foot traffic than from traditional mailings. The decision to keep the cards local also means more money goes to small businesses, and the move gains goodwill in the community, too. News Source: Automotive News - sub. req.Image Credit: Aaron Hoffman Marketing/Advertising Hyundai Kia Car Buying Car Dealers colorado

8 new cars that are selling below MSRP

Car shopping has been a frustrating activity for many people in recent years, as strained new car inventories have led to markups and elevated prices across the board. It’s been difficult to find vehicles at anywhere near a reasonable price, and some in-demand models are still listed at a premium today. iSeeCarsÂ’ most recent study looked at several aspects of the new and used vehicle markets and found a handful of models that are selling at a discount – a rarity in todayÂ’s world. Most of the vehicles selling below MSRP in October were electric, though the Nissan Armada and Infiniti QX80 made the top eight. To be clear, weÂ’re not talking about huge discounts here – the Kia EV6 was selling with the largest discount of 3.1%. The other models on the list include: Kia EV6: -3.1 percent off MSRP Ford F-150 hybrid: -2.8% Hyundai Ioniq 6: -2.7% Nissan Armada: -1.8% Hyundai Ioniq 5: -0.9% VW ID.4: -0.6% Kia Niro EV: -0.3% Infiniti QX80: -0.2% Electric and hybrid vehicles like the Kia and Ford have been selling at a premium for a long time, as they experienced stronger than expected demand and had challenging early production runs. That theyÂ’re now selling at a discount could indicate wavering buyer demand, but itÂ’s too early to start sounding any serious alarm bells. Though some models are getting cheaper, the industry average is still heading in the wrong direction. The average MSRP of new cars sold last month was $42,510, while the average sales price was $46,077. That 8.4% overage is surprising to see so many months after the worst of the pandemic has passed. iSeeCarsÂ’ executive analyst Karl Brauer had a few words of encouragement, however, saying, “There are still very few ‘dealsÂ’ in the new car market. Shoppers looking to pay below MSRP for a new car will have to do their research, but a small number of models can be bought below sticker price.” Green Ford Hyundai Infiniti Kia Nissan Volkswagen Car Buying cheap cars