Cash-strapped EV Startup Arrival is Laying Off Half Its Workforce

Arrival, an electric vehicle startup based in the UK, said it was laying off 50 percent of its employees in a bid to reduce costs. The company also named a new CEO, Igor Torgov, who previously served as executive vice president of digital at the company. From a report: Arrival, which announced last year that it was winding down its UK operations in favor of refocusing its business in the US, became a publicly traded company in March 2021 after merging with a special purpose acquisition company, or SPAC. Founded in 2015, Arrival was developing electric delivery vans for UPS as a customer, as well as ridehailing cars for Uber and public buses. It also has backing from Hyundai and Kia. Arrival's layoffs will bring the company down to a workforce of 800 employees. The company claims that it expects to halve its ongoing cost of operating the business to approximately $30 million per quarter when accounting for reductions in real estate and other third-party costs. Arrival says it currently has $205 million in cash on hand.

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