Arrival has appointed three acting Ernst & Young directors for its Arrival UK and Arrival Automotive UK subsidiaries, the company said. The publication TechCrunch calls this process “the British version of bankruptcy.”
The managers are exploring opportunities to sell the assets of both subsidiaries, including the “electric vehicle platform, software and intellectual property,” to pay creditors.
Arrival has approximately 400 employees, over 170 of whom are based in the UK. The company statement notes that Arrival subsidiaries in other countries will continue to operate, but does not provide additional details.
- Arrival was founded in 2015 by former Russian Director and Deputy Minister of Communications Denis Sverdlov. The startup’s headquarters are located in the United Kingdom.
- In October 2020, Arrival attracted $118 million in investments from funds managed by investment firm BlackRock. The funds would be used to increase production of electric vehicles, including the opening of the company’s first American microfactory in South Carolina.
- Arrival laid off about a third of its workforce in July 2022. The company called it a necessary “business reorganization” in a difficult economic situation.
- In fall 2022, Nasdaq issued a warning to the manufacturer regarding possible delisting due to non-compliance with site requirements.
- In November 2023, the company began exploring options to sell the business. At the end of the first half of 2023, Arrival’s net loss amounted to $155.7 million.
- In January 2024, Arrival again received a delisting notice from Nasdaq.
Author:
Anastasia Marina
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
