Startup Arrival received a $300 million investment from Westwood Capital. Igor Torgov, CEO of Arrival, spoke about this during a video call with investors. The funds raised will help the company stay in business until at least the end of 2023.
Arrival produces electric vehicles, the startup was founded in 2015 in London by Denis Sverdlov, a former deputy communications minister and former head of mobile operator Yota. The company went public on the Nasdaq in 2021.
According to TechCrunch, the conversation with investors came a week after Arrival’s financial statements were released. It should be noted that now the startup hopes to find another $500 million, which will go towards the production of XL electric pickup trucks. These machines are designed for delivery services.
Arrival believes the van launch will provide additional liquidity to the company and allow it to become attractive to investors again. Already in August, the manufacturer will begin the automated assembly of machines. At this stage, two samples came off the assembly line. In 2024, Arrival plans to begin deliveries to US customers.
In addition, an extraordinary meeting of shareholders of the company is scheduled for April 6. There will be a vote on the reverse stock split required to continue trading on the Nasdaq.
At the beginning of the year, former Yota CEO Igor Torgov became Arrival’s CEO. With his arrival, the company laid off about half of its employees.
Author:
Natalia Gormaleva
Source: RB
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