Nov 19, 2023 - Business

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

Arrival van

Arrival van

Arrival, the British electric vehicle maker that established its North American headquarters in South End, has secured emergency cash in the form of a $50 million bridge loan, TechCrunch reported.

  • 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.
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