Benzinga | Jun 24, 2021 07:59AM EDT

STMicroelectronics, Arrival Forge EV Technology Partnership

* STMicroelectronics NV (NYSE:STM) has collaborated with electric vehicles (EVs) company Arrival SA (NASDAQ: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 (NYSE: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 (NYSE: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.