Arrival secures emergency cash so it can sell itself
Summary
Arrival, the once buzzy EV startup that went public via a merger with a blank check company, is in its final death throes.The company has secured a $50 million bridge loan, funds that will keep it afloat long enough to explore a potential sale, according to a regulatory filing posted Wednesday. Its the equivalent of lending someone $5 to buy enough gas to drive the car down to the dealer and sell it.Arrival was once a high-flying EV startup with an ambitious plan to use microfactories to build electric buses, vans and even a car designed for Uber drivers. In the past 15 months, the company has laid off workers four times, slashed production targets and dropped its Uber car and bus programs. Arrival secured a $300 million lifeline back in March 2023 to help it stay in business through the end of 2023 as it sought additional dedicated funds to develop its XL delivery vans for the U.S. market and start production in Charlotte, North Carolina by 2024. Arrival has tried to reduce costs through restructuring efforts that involved laying off the bulk of its employees.