Electric vehicle developer Canoo has acquired the majority of the manufacturing assets of Arrival’s UK unit. This is stated in a message from Canoo.
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The equipment will be packed into more than 20 containers and shipped by sea to Canoo’s manufacturing facility in Oklahoma.
In January 2024, Canoo purchased almost all of the equipment owned by Arrival’s US division. These assets were also moved to Oklahoma from North Carolina.
Canoo reportedly acquired the UK assets at an 80% discount. The equipment was selected and tested for several months.
For electric vehicle developer Canoo, the deal will accelerate the automation of production processes and reduce capital expenditures by 20%.
- 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 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.
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.
