:Britain's Arrival SA said it was laying off 50 per cent of its employees in a move that will help halve its cash operating expenses, as the electric-vehicle startup tries to ride out a cash crunch threatening its survival in the competitive market. The move announced on Monday underscores the pressure on
:Britain's Arrival SA said it was laying off 50 per cent of its employees in a move that will help halve its cash operating expenses, as the electric-vehicle startup tries to ride out a cash crunch threatening its survival in the competitive market.
High demand for electric vans has brought legacy players including General Motors' BrightDrop, Ford Motor Co and upstarts Rivian Automotive to the front, with Tesla slashing its EV prices intensifying competition further. The company has shifted its focus to the United States in order to benefit from the Inflation Reduction Act, which provides incentives to spur EV manufacturing and adoption.
Arrival did not disclose if it expects a charge from the layoffs. It did not immediately respond to a Reuters request for comment.
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