Once an EV darling thought to revolutionize EV production with its concept of micro-factories that crank out delivery vans for the likes of Uber and UPS, UK startup Arrival is in a desperate search for funding after being delisted from Nasdaq this week.
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UK-based EV startup Arrival has garnered a fresh $300 million in equity financing in hopes it can slow the financial bleeding that has plagued it in recent months. As previously announced layoffs and cost cuts take effect, Arrival expects the funding to help slow its cash-burn rate, but says it will need to raise even more in order to begin Van production in the US next year.
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The woes continue for commercial EV start-up Arrival, which hopes an internal promotion of a new CEO can help get its all-electric Van into US production as part of a business strategy pivot to cut costs. Arrival is still struggling with capital, however, as it also shared plans to reduce its current staff by 50% to further cut costs and stay afloat. Here’s the latest.
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EV startup Arrival announced that it has received a non-compliance letter from the Nasdaq Stock Market LLC, informing the company that the closing bid price has been below the minimum $1.00 per share for at least consecutive 30 days. Arrival now has until May to meet the minimum bid requirement to avoid being delisted on the stock market.
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EV start-up Arrival has announced its second business strategy pivot in the past three months. After recently demonstrating the successful use of its microfactory model in the UK to build its all-electric van, Arrival has decided to refocus its business approach and all resources for the US market with hopes of maximizing federal tax credits.
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EV startup Arrival has completed a huge step in bringing its first commercial EV into production, particularly in the way its flagship Van is being assembled. Arrival has successfully built its first production-verification Van using its Microfactory in Bicester, UK, marking the start of a new streamlined assembly that could eventually shift how and where EVs are built in the future.
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EV startup Arrival reported its Q2 earnings this morning, announcing several significant milestones. The UK-based EV company says it will begin production of its highly-anticipated EV van in Bicester this quarter.
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Recent news out of London affirms previous statements from UK-based EV start-up Arrival – which has said it plans to cut at least one-third of its costs amid waning cash flow in order to get production of its electric Van over the starting line. The company aims to begin generating revenue off the Arrival Van before circling back to the development of its two other electric vehicles, the Bus and Car.
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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.
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While its initial production will begin in the UK, the Arrival Van will eventually be produced on US soil as well. In the meantime, we were able to go see the commercial EV up-close in the Big Apple and learn more about its progress first hand from Arrival President Avinash Rugoobur and CEO of Arrival North America, Mike Ableson.
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Technology company and EV startup Arrival has announced plans to co-develop a cloud-based data platform with Microsoft to enable telemetry, vehicle, and data management for future electric vehicle fleets. Together with the help of Microsoft Azure, Arrival looks to streamline the sharing of data within fleet mobility holistically.
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EV startup Arrival has shared news that its electric van has completed a demonstration at a fully functioning parcel depot without a driver inside. This is the first time the Arrival Van has completed an autonomous drive of this kind, which now paves the way for road testing.
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What Arrival is doing is revolutionary, and since our visit last July, we have been desperate to return to its R&D centre in Banbury to see how the EV startup’s electric van and bus designs have developed.
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EV startup Arrival has announced a new partnership with Uber to design and develop a purpose-built EV specifically for ride-share drivers. Arrival plans to invite Uber’s drivers to participate in the design process to ensure this new “Arrival Car” meets their needs. The new partnership also looks to further a strategic relationship together in primary markets like the UK and the EU.
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We embark on a new week and a fresh focus on another up and coming EV company, Arrival. The UK-based automaker offers a unique and efficient approach to electric vehicles from production through delivery. Its pipeline for manufacturing, assembly, and software keeps footprints concise and minimalistic while others are going bigger and bigger. These are some of the many reasons Arrival is an EV company to watch.
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