Arrival pauses work on its electric bus and car projects

Stefan Mileschin · 9th August 2022, 08:19

Anglo-American EV startup Arrival is putting its groundbreaking bus and car projects on ice as it struggles to manage its cash reserves. The Financial Times reports that the company, which said it would lay off a third of its staff last month, would now focus on completing its delivery van. Arrival said that it had anything up to 20,000 orders with UPS for the vehicle, and is expecting to get the first models out of the door later this year. That will hopefully reduce the pressure on the company’s bottom line, and boost its share price, which has fallen 90 percent since it went public via a SPAC last year.

https://www.engadget.com/arrival-ice...4.html?src=rss

9th August 2022, 08:19	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,500	Arrival pauses work on its electric bus and car projects Anglo-American EV startup Arrival is putting its groundbreaking bus and car projects on ice as it struggles to manage its cash reserves. The Financial Times reports that the company, which said it would lay off a third of its staff last month, would now focus on completing its delivery van. Arrival said that it had anything up to 20,000 orders with UPS for the vehicle, and is expecting to get the first models out of the door later this year. That will hopefully reduce the pressure on the company’s bottom line, and boost its share price, which has fallen 90 percent since it went public via a SPAC last year. https://www.engadget.com/arrival-ice...4.html?src=rss

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