Electric van maker Arrival needs another $800M
Arrival, the U.K.-based electric van maker, has announced a $300 million equity financing deal, and plans to raise another half-billion dollars.
Why it matters: Building cars is enormously expensive. The news from Arrival shows just how much it takes to stay afloat.
What's happening: Arrival secured $300 million from Westwood Capital. The automaker said on its Q4 earnings call Monday that the financing deal still isn't enough.
- The company wants to raise as much as $150 million by the end of this year — and $500 million total, it said on the call.
- It says it needs the money to bring its XL delivery vans to the U.S. It hopes to start production in Charlotte, N.C., by next year.
Of note: Arrival closed a SPAC merger during the blank-check boom in 2021. It's since seen its stock price steadily sink.