In a press release earlier today Arrival announced that:
Arrival today announced that Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed as joint administrators (the “Administrators”) of Arrival UK Ltd and Arrival Automotive UK Limited (the “Companies”), both subsidiaries of Arrival. All of Arrival’s other subsidiaries will continue their activities as usual outside of the administration process. The Administrators are now exploring options for the sale of the business and assets of the Companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors.
Arrival’s mission is to master a radically more efficient New Method to design, produce, sell and service purpose-built electric vehicles, to support a world where cities are free from fossil fuel vehicles. Arrival’s in-house technologies enable a unique approach to producing vehicles using rapidly-scalable, local Microfactories. Arrival is a joint stock company governed by Luxembourg law.
So much for the long promised, allegedly revolutionary, vehicle-to-grid capable Arrival electric van:
At this juncture one cannot help but wonder how much the Great British taxpayer has forked out on the pursuit of this apparently impossible dream?