Arrival was founded to make electric vehicle production “radically more efficient.” After raising around $1B from names like Hyundai, BlackRock, and UPS, Arrival went public via SPAC at a $5.4B valuation; the stock has crashed 99% to a mere $20M market cap in the following 15 months. During that period, the company went through four layoffs, slashed production targets, and faced potential delisting after missed SEC filing deadlines. The SPAC deck promised automated microfactories that would simultaneously produce electric vans for UPS, cars for Uber and buses for the UK, Italy and California. Arrival initially said it would deliver 10,000 EVs to UPS “from 2020 to 2024” but only announced the first microfactory-built van in Sep 2022.
$5.4B • 2021 • SPAC
Arrival is a British electric vehicle manufacturer specializing in primarily lightweight commercial vehicles.
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