EV startup Arrival will delay bus and car project trials to cut costs, report says

Europe

British electric vehicle start-up Arrival is delaying trials of its bus and car projects to cut costs and focus on the production of its debut van, the Financial Times reported, citing three people familiar with the matter.

Arrival has paused its car project but it might be revived once the company has begun producing revenues based on the results of the its restructuring review, according to the report published on Friday.

The review is scheduled to be completed in September.

The U.S.-listed company has also pushed back trials with potential customer First Bus under its bus project, the report added.
Arrival declined to comment on the report.

The company said in July that it planned to reorganize its business, cutting 30 percent of its workforce. It said the move will enable it to start production of its Arrival van in the third quarter as planned.

Arrival’s U.S.-listed stock has tumbled over 75 percent so far in 2022, as investors, who are worried about the economy, abandon companies that do not turn a profit.

Last year, Arrival said it would develop a minivan-like electric car for Uber Technologies to be used for ride-hailing.

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