British EV firm Arrival to delay bus and car project trials to cut costs – FT
(Reuters) -British electric vehicle start-up Arrival SA 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.
The company has paused its car project which might be revived once it has begun producing revenues based on the results of the its restructuring review scheduled to be completed in September, according to the report published on Friday, citing one of the sources. https://on.ft.com/3QkC2wX
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 when contacted by Reuters.
The company announced in July that it planned to reorganise its business, cutting down 30% of its workforce saying that 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% so far in 2022, as investors, worried about the economy, abandon companies that do not turn a profit.
(Reporting by Hazra Nivedita in Bengaluru; Additional reporting by Akash Sriram; Editing by Rashmi Aich)