The vans, made in Oxfordshire, will be produced at the equivalent price of a diesel Mercedes Sprinter TWITTERA former Russian government minister-turned-tech entrepreneur has become a paper multibillionaire overnight after selling the Korean motor industry a stake in his electric van start-up in Banbury, valuing it at about €3 billion. Hyundai and Kia, the cross-owned South Korean carmakers, have spent €100 million taking a 3 per cent stake in Arrival, a company that is hoping to make zero-emission delivery vans for the Royal Mail and John Lewis, the retailer. Arrival was founded and hitherto wholly owned by Denis Sverdlov, 41, who made a fortune in the Russian mobile phone industry and had served as the country’s telecoms minister. He came to Britain six years ago and has been dabbling in automotive technologies. With Arrival near to going into production, the Korean companies…

Source: The Times January 16, 2020 06:22 UTC