Cash-strapped EV startup Arrival is laying off half its workforce
Arrival, an electric vehicle startup based in the UK, said it was laying off 50 percent of its employees in a bid to reduce costs. The company also named a new CEO, Igor Torgov, who previously served as executive vice president of digital at the company.
Arrival, which announced last year that it was winding down its UK operations in favor of refocusing its business in the US, became a publicly traded company in March 2021 after merging with a special purpose acquisition company, or SPAC. Founded in 2015, Arrival was developing electric delivery vans for UPS as a customer, as well as ridehailing cars for Uber and public buses. It also has backing from Hyundai and Kia.