In its latest report, British electric vehicle company Arrival confirmed their previously leaked strategy of concentrating entirely on rolling out its electric transporter for now.
The company puts the electric bus and electric passenger car projects on the sidelines for a moment
The Financial Times reported in early August, citing insiders, that costs would be cut by a third. The company’s policy makes the electric passenger car project temporarily suspended, but can be revived later. The same thing happened to the electric bus project and tests with prospective First Bus customers have been postponed.
The company is targeted to manufacture the power carriers by the third quarter of 2022 at its plant in Bicester, UK, and deliver the first 20 or so to UPS before the end of this year. The cloud company’s initial target is to deliver 400 to 600 vehicles by 2022.
The report said production at the US micro plant in Charlotte, North Carolina, will be delayed from the third quarter of this year until 2023. Electric trucks for UPS will also be produced there.
The company’s second-quarter loss was $89.6 million from $56.2 million in Q2 2021. Arrival no longer expects to see significant additional revenue this year due to limited production plans.
“We are switching from the mode where we have two products, two shifts and two micro factories to the mode where it’s one factory, one shift, one product,” CEO Denis Sverdlov said during a call with analysts. “We believe that this opportunity to switch gives us better chances to be successful.”
Arrival plans to business reorganization, cut up to 30% of workforce
