About the Company
Arrival is a British electric vehicle manufacturer headquartered in Howald, Luxembourg of primarily lightweight commercial vehicles. In June 2020, Arrival announced a new passenger bus designed for coronavirus-era social distancing. R&D takes place at their facility in Banbury, Oxfordshire. In March 2020, Arrival acquired a new factory in Bicester with plans to be operational by 2021 and start production in 2022. In December 2020, Arrival established its North American headquarters in Charlotte, North Carolina, US. Arrival claims that their electric vehicles are the first EVs that cost the same as petrol and diesel equivalents. The company has created an electric vehicle platform that can be scaled to make many variants in multiple vehicle categories. Arrival raised $118 million from US funds manager BlackRock in October 2020, adding to previous investment from Korean automaker Hyundai Motor Co and sister company Kia Motors Corp of $111 million. In November 2020, it was announced that Arrival would list on NASDAQ by merging with special-purpose acquisition company CIIG Merger Corp. In late May 2021, Arrival announced that it would be building electric cars for Uber ride-hailing drivers, with production expected in Q3 of 2023. In August 2021, Arrival President Avinash Rugoobur stated that the company would open a product development R&D center in India due to increasing interest from that market. In November 2021, the company announced that it would start production the following year. In January 2023, the company cut 800 UK jobs, about half the remaining workforce, to reduce costs while seeking extra funding and planning to expand in the US to take advantage of green energy subsidies. It still employs 400 employees worldwide. In February 2024, after getting its stock delisted from the Nasdaq, Arrival's UK division entered administration, with future plans of a sale of Arrival and all of its affiliated assets.
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NASDAQ CAPITAL MARKET
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