arrival

The UK-based company has been quite in trouble for some months and was forced to deeply change its own business. Arrival won't be building neither electric cars nor electric buses anymore and had announced the intention to focus only on the North American market.

According to Reuters, the capital raised "will not provide for investments in production of its van in its Charlotte, North Carolina facility". Fundraising efforts to support the U.S. production plan might be promoted afterwards.

Arrival has previously announced its plan to refocus its resources on the development of its US Van product, which the company currently expects to start production in Charlotte in 2024, subject to raising additional capital. The company had to make the harsh decision to the difficult decision to re...

Denis Sverdlov becomes Chairman of the Board, thus replacing Peter Cuneo. “I am more committed than ever to ensuring Arrival’s success, and I will continue to act in the best interests of the Company, shareholders, customers, partners and employees", declared Sverdlov.

The shift to the U.S. market by a regulatory filing posted last week, as reported by the international press. It's not clear yet how many jobs will be cut in Europe, however Arrival will be reorganizing in order to "right-size the organization".

"This is not where we thought we would be at this point and we still have a long way to go and many hurdles to overcome", admitted Mr Sverdlov.