Arrival recently received a $283 million cash injection following its second reverse merger with a SPAC car auto cars
, Arrival financial officer John Wozniak said the company plans to build its medium-duty van at a factory in Charlotte, North Carolina by late 2024. The company has managed to keep its deal with UPS intact after a series of production delays, three years after UPS ordered 10,000 delivery vans from it.
“We think that is a sweet spot where Arrival can make a lot of money,” Wozniak noted. “We looked across the competitive landscape, and from where you sit today, there’s a lot of room to run in that segment.”claimed in its first reverse merger that it would deliver $14 billion of revenue in 2024, but during 2021-2022, it lost $2.3 billion. It promptly cut 75% of its employees and as recently as November, said it would run out of money before the end of 2023 if it didn’t find new investors.
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