Cash-strapped EV startup Arrival is laying off half its staff
For the second time in less than a year, electric transport startup Arrival is cutting staff. The company plans to lay off approximately 50 percent of its workforce. The move will reduce Arrival’s headcount to about 800 employees. In the middle of last year, Arrival warned it was strapped for cash, and the company’s financial position appears to have become more dire since.
As of the end of 2022, Arrival had $205 million cash on hand. Following its latest round of layoffs and a handful of other cost-cutting measures, Arrival says it expects to reduce the cost of day-to-day operations to about $30 million per quarter. Critically, Arrival’s – and take advantage of – is contingent on it raising more money from investors. Provided it can secure additional funding, Arrival expects to start production in in 2024.
On Monday, Arrival also announced a leadership change. Less than three months after , former Marvel Entertainment chief Peter Cuneo is handing over day-to-day operations to Igor Torgov, Arrival’s former executive vice president of Digital. Before joining the startup in 2020, Torgov held leadership positions at Atol, Bitfury, Yota, Columbus IT and Microsoft. It’s now on him to turn the once-promising startup around. Arrival said it would share more information about its financial position on March 9th.
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Published at Mon, 30 Jan 2023 17:22:55 +0000
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