Arrival calls in UK administrators
Arrival has joined the list of UK electric vehicle startups to collapse.
Arrival has appointed administrators Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team for Arrival UK Ltd and Arrival Automotive UK Ltd, both subsidiaries of Arrival.
The Administrators are now exploring options for the sale of the business and assets of the companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors.
The company had developed software-defined, last-mile electric vehicles with a localised ‘microfactory’ manufacturing approach and is a joint stock company governed by Luxembourg law. The company had been valued at up to $15bn.
All of Arrival’s other subsidiaries will continue their activities as usual outside of the administration process.
The company was de-listed from the US Nasdaq stock market at the end of January following default on its debt.
Other electric truck makers such as Volta Trucks Nikola and Tevva have struggled to reach volume manufacturing and Tevva is also looking for a sale.
EV maker Canoo last month purchased a cache of manufacturing assets in the US, from robotics to controls processing equipment, from an unnamed EV maker that will be used to build vehicle cabins. Canoo purchased the assets at a discounted price of over 80 percent of estimated value.
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