Following a call overseas today, commercial EV startup Arrival shared its Q1 financial report and offered updates to investors outlining its progress in bringing its electric Bus and Van into full-fledged production in the UK and US.
Arrival is a growing EV startup focused on urban-centric mobility without the nasty emissions. Since being founded in 2015, the company has introduced an all-electric passenger Bus, a delivery Van, and a rideshare specific car designed alongside Uber.
Current headquarters in both London and Charlotte, North Carolina, give Arrival a production advantage in two large markets, but all of its R&D and design currently takes place in the UK. What may be most unique about Arrival, however, is its microfactory approach to EV production.
Following a call with investors this morning (US time), Arrival has shared a bunch of company updates as it pertains to the technology outlined above.
Arrival Q1 updates
The company released the following financial results report for Q1 of 2022. Arrival founder and CEO Denis Sverdlov spoke:
Our ambition is to create better electric vehicles people love to use and our vision is becoming a reality with the Arrival zero-emission Bus being our first product to achieve certification, a critical milestone for our Bus to be driven on public roads with passengers. This is a significant achievement for our company. As our technologies and components are shared it contributes to all future vehicle programs which is one of the many benefits of our vertically integrated approach.
While the Arrival Bus is the closest to SOP, the Van is not far behind. Arrival also shared its progress in achieving its 2022 milestones and is on track thus far:
|2022 Van Milestones||Status||2022 Bus Milestones||Status|
|Final prototype build||Done||Trial Bus production||Done|
|Certification||Q2 2022||Proving ground trials||Done|
|Q2 2022||Bus Certification||Done|
|Public road trials||Q2 2022||Phased trials with First Bus||Underway|
|Bicester Van SOP (UK)||Q3 2022||Public road trials in UK/EU||Q3 2022|
|Charlotte Van SOP (US)||Q4 2022||UK production of sellable Buses||H2 2022|
According to Arrival’s latest updates, the Van has completed 70% of all certification tests including crash testing. In Bicester, Arrival has already robotically assembled the entire van structure onto its skateboard platform. While equipment installation is underway in the UK, the same process will follow in the US in late summer, ahead of US Van production before year’s end.
Financially, Arrival is still reporting a loss for the quarter, albeit a mere fraction of its Q1 losses a year ago. Here’s its complete 2022 outlook, according to the report:
Arrival continues to expect a full year Adjusted EBITDA loss of $185-225 million and full year Capex of $380-420 million. This assumes start of production in Bicester in Q3 and in Charlotte in Q4, and total production of 400-600 Vans plus low volume production of Buses in the UK starting in the second half. Arrival expects to end the year with between $150 million and $250 million of cash.
Check out Arrival’s full financial updates with data tables here.
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