British electric vehicle maker Arrival reportedly has collapsed into administration with 170 jobs at risk, only three years after it was valued at around US$15bn.
The Guardian reported the company, which had two factories in Oxfordshire, England, had appointed consultancy firm EY as administrator, after failing to launch its debut electric van.
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A media report in January had said Arrival was in discussions with EY about acting as administrator if it could not secure rescue funding.
The Guardian noted trading in the company was suspended on New York’s Nasdaq stock exchange a week ago and a notification that the firm would be removed from the exchange was filed. Nasdaq said Arrival had not complied with its listing standards after failing to file accounts for 2022.
The report cited EY administrators as saying Arrival’s liquidity position had been “impacted by challenging market and macroeconomic conditions resulting in delays in getting the group’s products to market”.
They reportedly added: “The joint administrators are now exploring options for the sale of the business and assets of the companies, including its electric vehicle platforms, software, intellectual property and R&D assets, for the benefit of creditors.”
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By GlobalDataThe paper said Arrival had spent heavily on robot heavy factories in Banbury and Bicester and planned to launch a bus, car and European van. It later cut 800 jobs in the UK and switched its strategy to focus on the US van market.
The company now has 400 staff, of which 172 are in the UK and directly affected by the administration, the Guardian added.
