Arrival, the EV maker with an HQ in South End, is barely hanging on

• The funds aim to keep the company going long enough to potentially sell itself.
• “It’s the equivalent of lending someone $5 to buy enough gas to drive the car down to the dealer and sell it,” per the tech publication.

Why it matters: Arrival made a splash when it announced plans in 2020 to expand into Charlotte. Now, the company appears to be barely hanging on.

• Without pursuing any financial incentives, Arrival said it would hire dozens of corporate positions in South End.
• The company had plans to manufacture electric buses and electric vans at new, high-tech “microfactories” in Rock Hill and Charlotte.

Yes, but: Over the years, Arrival has laid off workers amid company-wide cost-saving restructuring.

• The company delayed production at its Charlotte microfactory until 2023, but hasn’t given an updated timeline.
• Arrival also indefinitely postponed plans for its Rock Hill production.
• The company recently took down the signage at its Tremont Avenue corporate offices, where it also ended the lease on part of its space.

What’s next: An Arrival spokesperson told Axios in August that the company “is committed to maintaining our North American headquarters in Charlotte.”

• As of Nov. 17, the same spokesperson is no longer with the company. A representative did not respond to additional requests for comment.