Arrival is refocusing its resources on a larger ‘XL’ van for the lucrative US market
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2 mins read
13 March 2023
EV start-up Arrival has been granted a $300 million (£246.8m) financing line by New York-based bank Westwood Capital.
Combined with swingeing cuts aimed at reducing Arrival’s quarterly cash spend to $35m (£28.8m) and excluding investments in XL van production, this gives the start-up sufficient capital to stay afloat until late 2023.
Publicité
Those cuts include slashing its headcount by half, with most of these 800 redundancies concentrated on the UK and the US (Georgia), according to a January report from the Financial Times. Arrival confirmed this will be complete by the end of March.
This is Arrival’s third run of job losses since last summer, coming after it warned in November 2022 that it would run out of money by July without a cash injection – which it has now received.
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