German bank reports EV firm Arrival running low on cash
in the company, and UPS, which placed a non-binding order for 10,000 vans with an option for a further 10,000, pushed the company’s stock market valuation to around $13.6 billion when it first listed. The company is now valued at $1.2bn, based on its current share price.
Berenberg said it was modelling the completion of seven microfactories by 2025, compared with Arrival’s previous estimates that it would have 31 globally by that date. Arrival said in the April SEC filing that it had “sufficient funds to execute its near-term business plan”, including starting production in the third quarter for both the bus and van. However, it “anticipates needing to raise additional capital to execute its long-term business plans”.
As well as the bus and two van sizes, Arrival is developing an electric car aimed at ride-hailing companies such as Uber with a launch target of 2023.
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