New York-listed company, once valued at $15bn, failed to launch its debut electric van
The British electric vehicle maker Arrival has collapsed into administration – putting 170 jobs at risk – just three years after it was valued at more than $15bn.
The company, which had two manufacturing sites in Oxfordshire, has appointed consultancy firm EY as administrator, after failing to launch its debut electric van.
The move comes a week after trading in the company was suspended on New York’s Nasdaq stock exchange and a notification that the firm would be removed from the exchange was filed. Nasdaq said Arrival had not complied with its listing standards after failing to file accounts for 2022.
The EY administrators said that Arrival’s liquidity position had been “impacted by challenging market and macroeconomic conditions resulting in delays in getting the group’s products to market”.
They added: “The joint administrators are now exploring options for the sale of the business and assets of the…
