Arrival will use £660 million raised from listing on the New York stock exchange (value £9.5 billion) to boost production of its electric van. The company plans to manufacture the vehicle in scalable global microfactories with the aim of reducing costs and producing a vehicle with a lower total cost of ownership by negating the need for a complex globalised supply chain. It will draw on local resources and expertise to produce a van that is designed to meet regional needs.
One of the company’s first microfactories that will benefit from the investment is in Bicester. The Arrival van, which has already received a commitment to purchase for 10,000 units from UPS and offers a 211-mile electric range and 1,975kg payload, is expected to begin public customer trials this summer with production beginning in 2022.
Denis Sverdlov, Arrival founder and CEO said, “Arrival’s invention of a unique new method to design and produce vehicles using local microfactories makes it possible to build highly desirable yet affordable electric vehicles – designed for your city and made in your city. Going public is an opportunity that will allow us to continue to scale globally, bringing these products to more and more cities and people.”
Photo: Reuters/Nick Carey