STMicroelectronics, Arrival Forge EV Technology Partnership

STMicroelectronics NV STM has collaborated with electric vehicles (EVs) company Arrival SA ARVL to provide semiconductor technologies and products for Arrival's vehicles including automotive microcontrollers and power and battery-management devices.
The financial terms of the deal remain undisclosed.
Arrival has selected ST as one of its key partners to launch its connected EVs.
ST's technology will provide Arrival's customers with future-proofed zero-emission commercial vehicles as part of an integrated mobility ecosystem.
Arrival chose ST's high-performance, secure automotive microcontrollers for their modular ECU platform and other ST technologies, including smart-power and battery-management devices for efficient vehicle electrification.
Arrival partnered with Uber Technologies Inc UBER to design its entire ride-hailing vehicle portfolio. It will also feature ST's technologies.
Arrival has orders for up to 10,000 EVs by United Parcel Service, Inc UPS, with the option for 10,000 more.
Price action: STM shares traded higher by 1.44% at $36.59, and ARVL shares traded higher by 2.53% at $16.99 in the premarket session on the last check Thursday.