{"id":300086,"date":"2024-02-06T12:37:51","date_gmt":"2024-02-06T11:37:51","guid":{"rendered":"https:\/\/climatescience.press\/?p=300086"},"modified":"2024-02-06T12:37:54","modified_gmt":"2024-02-06T11:37:54","slug":"electric-van-maker-once-valued-at-10bn-collapses-into-administration","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=300086","title":{"rendered":"Electric van maker once valued at \u00a310bn collapses into administration"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Arrival appoints EY to find a buyer after shares delisted from Nasdaq following 99.9pc plunge.<\/em><\/strong><\/p>\n\n\n\n

ABritish electric van maker once valued at $13bn (\u00a310bn) has gone into administration after burning through $1.5bn without having sold a vehicle.<\/p>\n\n\n\n

Oxfordshire-based Arrival has appointed administrators at EY to find a buyer for the business, blaming \u201cchallenging market and macroeconomic conditions\u201d. The Telegraph<\/a> has the story.<\/p>\n\n\n\n

Arrival\u2019s Nasdaq flotation in 2021 was the biggest ever for a British company but shares have fallen by 99.98pc as it became clear that the company was unable to service its debts<\/a>.<\/p>\n\n\n\n

\u201cThe group\u2019s liquidity position has been impacted by challenging market and macroeconomic conditions resulting in delays in getting the group\u2019s products to market,\u201d the administrators said.<\/p>\n\n\n\n

\u201cAs such, the Joint Administrators are now exploring options for the sale of the business and assets of the Companies, including its electric vehicle platforms, software, intellectual property and R&D assets, for the benefit of creditors.\u201d<\/p>\n\n\n\n

Last week, Arrival said it would be delisted from the Nasdaq after failing to release financial updates or hold an annual meeting. The company has defaulted on its debts despite seeking to cut costs with repeated job losses<\/a>.<\/p>\n\n\n\n

Arrival secured hundreds of millions of investment from the likes of BlackRock, BNP Paribas and Hyundai before going public. Denis Sverdlov, a Russian businessman who founded the company, stepped down as chief executive in 2022.<\/p>\n\n\n\n

The company had been seeking a potential sale or investment but EY were appointed administrators of its two UK entities, which own its key assets, on Monday.<\/p>\n\n\n\n

Arrival had planned to make electric vans and buses at small, robot-led \u201cmicrofactories\u201d that would be cheaper to set up than traditional car plants.\u00a0<\/p>\n\n\n\n

Read the full story here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

ABritish electric van maker once valued at $13bn (\u00a310bn) has gone into administration after burning through $1.5bn without having sold a vehicle.<\/p>\n","protected":false},"author":121246920,"featured_media":300089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"ABritish electric van maker once valued at $13bn (\u00a310bn) has gone into administration after burning through $1.5bn without having sold a vehicle.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691826757,691823594,691826758,691826756],"class_list":{"0":"post-300086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-10bn-into-administration","9":"tag-electric-van-maker","10":"tag-nasdaq-flotation","11":"tag-oxfordshire-based-arrival","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Arrival-EV-2.jpg?fit=1920%2C1268&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1g46","jetpack-related-posts":[{"id":283143,"url":"https:\/\/climatescience.press\/?p=283143","url_meta":{"origin":300086,"position":0},"title":"Electric Van Maker On Verge Of\u00a0Bankruptcy","author":"uwe.roland.gross","date":"13\/10\/2023","format":false,"excerpt":"Legal documents allege that Arrival told Durr it did not have the funds to pay its debts after the collapse of recent bridge financing.\u00a0 NOT A LOT OF PEOPLE KNOW THAT By Paul Homewood h\/t Ian Magness From the Telegraph: Where have all the green jobs gone?","rel":"","context":"In \"Arrival\"","block_context":{"text":"Arrival","link":"https:\/\/climatescience.press\/?tag=arrival"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0Arrival-electric-van-2.webp?fit=1200%2C676&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0Arrival-electric-van-2.webp?fit=1200%2C676&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0Arrival-electric-van-2.webp?fit=1200%2C676&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0Arrival-electric-van-2.webp?fit=1200%2C676&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0Arrival-electric-van-2.webp?fit=1200%2C676&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":337706,"url":"https:\/\/climatescience.press\/?p=337706","url_meta":{"origin":300086,"position":1},"title":"To make EV\u2019s our battery bandaid for a wounded grid we need another $10b in inverters","author":"uwe.roland.gross","date":"27\/07\/2024","format":false,"excerpt":"Remember in the end, we are not buying EV\u2019s because they go further, cost less, or are more convenient, we\u2019re buying them because we want to stop storms in 100 years.","rel":"","context":"In \"electric vehicles (EVs)\"","block_context":{"text":"electric vehicles (EVs)","link":"https:\/\/climatescience.press\/?tag=electric-vehicles-evs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-41-1.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-41-1.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-41-1.jpeg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-41-1.jpeg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":246100,"url":"https:\/\/climatescience.press\/?p=246100","url_meta":{"origin":300086,"position":2},"title":"Grid Capacity Issues Threaten Net Zero","author":"uwe.roland.gross","date":"28\/02\/2023","format":false,"excerpt":"It is already evident that the low prices agreed under CfDs for wind farms not yet built are simply not viable. 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