British electric vehicle start-up is trying to ride out a cash crunch threatening its survival
Britain’s Arrival said it was laying off 50% of its employees in a move that will help halve its cash operating expenses, as the electric vehicle start-up tries to ride out a cash crunch threatening its survival in the competitive market.
High demand for electric vans has brought legacy players including General Motors’ BrightDrop, Ford Motor and upstarts Rivian Automotive to the front, with Tesla cutting its EV prices intensifying competition further. The company has shifted its focus to the US to benefit from the Inflation Reduction Act, which provides incentives to spur EV manufacturing and adoption.
Arrival did not disclose if it expects a charge from the layoffs. It did not immediately respond to a Reuters request for comment.
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