Bicester-based Arrival warns of billion dollar annual losses

Published by

Peter Davison

Commercial electric vehicle pioneer Arrival has warned of financial losses up to $1 billion (£840.7 million) this year.

Arrival, which was founded in the Bicester but listed on the Nasdaq stock exchange in 2021, is developing an electric van and an electric bus, with plans to build a car.

Its mission is to build its electric vehicles in its new concept of micro factories around the world, making them closer to their markets.

It said its Q4 losses – expected to be between $588 and $597 million, compared with losses of $67 million in the fourth quarter of 2021 – were due to “non-cash impairment charges” and around $406m in write-offs.

The startup axed half of its workforce in January in a bid to cut costs.

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.