Arrival plans to begin producing the Van in Bicester, UK, this quarter, slated for deliveries to UPS and other customers this year. The Van already received European Whole Vehicle Type Approval earlier last spring, but production in Charlotte, North Carolina, near the company's US headquarters, has been moved to 2023.The startup reported an $89.6 million loss in the second quarter as it approaches the start of production, ending the quarter with $513 million in cash and cash equivalents.
The company says it has created a $300 million platform for occasionally selling stock to raise funds, which will allow it to operate through 2023, at a minimum, without needing to raise more cash. However, this reorganization of priorities has not been without victims."Customer trials and investment in the Bus microfactory will continue once the Company secures additional capital," the company added.
The Bus model is the second Arrival project out of three that has been developed to production readiness, but now faces an uncertain future.
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