British Commercial EV Startup, Arrival Goes Bankrupt Before Making Sales

Shortly after receiving a delisting notice from NASDAQ for failure to file its 2022 annual returns, and almost losing all of its value, commercial EV startup Arrival files for Bankruptcy in the US, selling off parts of its assets to Canoo which includes its advanced manufacturing equipment.

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Electric vehicles have been a wide fire in recent years. With people clamoring for sustainable practices, one of the solutions towards such was through Electronic business and we saw what other EV startups like Tesla are doing in the market. However, Arrival seems to not have arrived.

The startup previously valued at $13billion attracted a lot of investors including Hyundai, and UPS with its use case, including its “micro-factories” use case which allows for the vehicle to be assembled in different locations and the revolution it promised the Electronic Vehicle ecosystem which includes electric bus, vans and even a purpose-built car for Uber.

It announced its bankruptcy in January after filing for bankruptcy protection in the UK with all its use cases going down the drain after restructuring and laying off staff up to 3 times. At a point, it shifted its focus away from UK, facing the US, but it still ended the same way.

Though a commercial vehicle, Arrival never arrived at producing any vehicles before it packed up and left with its market value dropping from $13 billion to $7.7 million.

"The Administrators are now exploring options for the sale of the business and assets of the Companies, including the electric vehicle platform, software, intellectual property, and R&D assets, for the benefit of creditors," the company said in a statement.

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