Banbury, UK: The UK parts of the electric van maker Arrival, Arrival UK Ltd and Arrival Automotive, have been placed in administration.
Arrival was set up in 2015 intending to use simple manufacturing processes in small factories to build electric vans, buses and taxis cheaply. But despite orders for 10,000 vehicles from UPS and investment from UPS and Hyundai, it struggled to get its designs into production.
At the end of January, the company said its shares had been suspended from trading on the Nasdaq, and it had been told they would be removed from the index. According to the administrator of the UK side of the business, EY, “the group’s liquidity position has been impacted by a challenging market and macroeconomic conditions resulting in delays getting the group’s products to market.
“As such, the joint administrators are now exploring options for the sale of the business and assets of the companies”. Those assets include Arrival’s electric vehicle designs, which will now be put up for sale.
