Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK electric vehicle maker Arrival enters administration putting 170 jobs at risk

by February 6, 2024
February 6, 2024
UK electric vehicle maker Arrival enters administration putting 170 jobs at risk

British electric vehicle pioneer, Arrival, has entered administration, casting uncertainty over 170 jobs and signalling a major setback just three years after its valuation soared to over $15 billion.

The Oxfordshire-based company, known for its innovative approach to electric vehicles, has enlisted the consultancy firm EY as administrator following challenges in launching its debut electric van.

The decision to seek administration comes on the heels of a trading suspension on New York’s Nasdaq stock exchange and a subsequent notification of delisting due to Arrival’s failure to meet listing standards, stemming from its inability to file accounts for 2022.

According to administrators from EY, Arrival’s liquidity position suffered due to adverse market conditions, resulting in delays in bringing its products to market. The administrators are actively exploring options for the sale of Arrival’s business and assets, including its electric vehicle platforms, software, intellectual property, and R&D assets, to benefit creditors.

Founded in west London in 2014 by Denis Sverdlov, Arrival initially garnered attention for its ambitious plans to revolutionize the electric vehicle industry. However, the company faced setbacks, including Sverdlov stepping aside in late 2022 and subsequent layoffs of 800 UK-based employees.

Despite initial plans to focus on the European market, Arrival shifted its strategy to concentrate on the US van market. The company, which currently employs 400 staff, including 172 in the UK, recently made 39 staff redundant amidst struggles to control costs.

Arrival’s downfall adds to the challenges faced by the UK’s electric vehicle sector, following the collapse of Britishvolt, an electric vehicle battery maker, last year. However, there are still promising developments, such as Tata’s agreement to invest £4 billion in establishing a battery gigafactory in Somerset, underlining ongoing efforts to drive innovation and sustainability in the automotive industry.

Read more:
UK electric vehicle maker Arrival enters administration putting 170 jobs at risk

0
FacebookTwitterGoogle +Pinterest
previous post
Government Scraps Plans for Voluntary AI Code of Conduct, Stirring Concerns in Creative and Tech Sectors
next post
Private Sector Expansion Bolsters UK Economic Outlook Despite Manufacturing Decline

You may also like

How is each train operator affected by the...

January 31, 2023

Labour’s New Deal for Working People explained

June 4, 2024

Uber Drivers Offered Significant Discounts on Kia Electric...

May 20, 2024

Jeremy Clarkson Triumphs in Car Park Expansion Dispute

June 16, 2023

Brexit Pubs Guarantee announced in Spring Budget comes...

August 1, 2023

A Beginner’s Guide to Playing Crypto Slots Online

October 21, 2022

Adam Neumann Makes £395m Bid to Regain Control...

March 26, 2024

Sir Keir Starmer Advocates ‘Patriotic Economy’ with Focus...

February 26, 2024

Virgin plots £500m train order in bid to...

January 13, 2025

Could Live Streaming Take Over Bingo Industry Next?

November 20, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved