YOUR NEXT CAR WILL BE A VOLT:

Meanwhile, GM's latest move shows how incumbent automakers are increasingly concluding they need to go big into electric vehicles to position themselves for the future, even though sales of internal-combustion models still dominate the market.

Where it stands: The Arrival deal includes around $400 million in additional funding from investors including Fidelity, Wellington Management, a BNP Paribas energy funds, and BlackRock-managed funds.

This builds on prior funding of $118 million from BlackRock as well as Hyundai and Kia investments.

Arrival says it has $1.2 billion worth of signed contracts with customers, including a UPS order for 10,000 vans, and its first products are slated to go into production in the fourth quarter of 2021.

It comes on the heels of other electric vehicle companies going public (or about to) via reverse mergers including Canoo, Lordstown Motors, Fisker, the charging provider ChargePoint.

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