The car industry is merciless. Especially when it comes to small startup companies that think they have to bite the bullet with Tesla. It now goes beyond UK Arrival.
Arrival managed to change its name several times since the brand was founded in 2015. But now it is over for the British electric car brand that wanted to compete with Tesla.
In fact, they didn't even manage to build a car, because now they have to file for bankruptcy. As a result, 800 employees will lose their jobs. Of those, 170 are in England.
Fortune writes that.
The brand, which at one time was valued at a staggering 13 billion dollars, equivalent to 90 billion Danish kroner, has now sought bankruptcy protection in an attempt to save parts of the business.
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The request comes after Arrival shares were recently delisted from the US Nasdaq. And now a curator has to start looking for a buyer for Arrival's projects. If such exists.
– The appointed administrators are currently investigating the possibilities of selling the company's business and assets, including the electric car platform, the software, the intellectual property and the development work to get the creditors in fashion, the company writes on its website.
