Arrival is planning a business reorganization. Up to 30 per cent of the workforce is going to be eventually reduced, Reuters says. The agency reports: “The restructuring, which the company said is in response to a challenging economic environment, aims at a 30% cut in spending to help meet its business targets until late 2023 using the $500 million cash on hand“.
Arrival may be cutting 30% of the workforce
Reuters also notes that Arrival “U.S.-listed stock has tumbled 80% so far in 2022, as investors, worried about the economy, abandon companies that do not turn a profit”.
In May 2022 Arrival announced that is going to start production of the electric bus in Q3 this year. Public road trials with First Bus are also expected in Q3 2022 (the company was expected commence trials in Q1 2022). One month ago Enel X and Arrival announced they have entered into a partnership to test the zero-emission battery electric bus in Italy. Timing of the trial has not been specified so far.
The UK-based startup has debuted on Nasdaq in 2021. Also, Arrival has signed a partnership with Hitachi Europe regarding the providing of new bus and infrastructure solutions to the European bus industry.