EV startup will delay bus and car project tests to cut arrival costs, report says

British electric vehicle start-up arrival is delaying testing of its bus and car projects to cut costs and focus on production of its first van, financial times rEported citing three people familiar with the matter.

According to the report published on Friday, Arrival has put its car project on hold, but it could be revived once the company starts generating revenue based on the results of its restructuring review.

The review is planned to be completed in September.

The US-listed company has also pushed back trials with potential customer First Bus as part of its bus project, the report said.
Arrival declined to comment on the report.

The company said in July that it planned to restructure its business, which would cut its workforce by 30 percent. It said the move would enable it to start production of its Arrival van in the third quarter as planned.

Arrival’s US-listed stock has fallen more than 75 percent so far in 2022, as investors, who are concerned about the economy, shun companies that don’t turn a profit.

Last year, Arrival said it would develop a minivan-like electric car for Uber Technologies to be used for ride-hailing.

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