Arrival’s commercial EV venture is failing.
Arrival reported Monday in a regulatory statement that its U.K. branch is under administration, or bankruptcy. The ailing business, which went public in 2021 after merging with a special purpose acquisition company, is to sell its U.K. assets and intellectual property to repay its lenders.
The company went into administration a week after Nasdaq removed its shares from its public exchange and less than a year after Arrival provided a $300 million lifeline to turn the firm around. 
Arrival claims its non-U.K. companies would continue to function, but it didn’t elaborate. Financial Times: Over 170 U.K. jobs are at stake.
Arrival, formerly valued at over $13 billion and funded by Hyundai and UPS, claimed to revolutionize electric vehicle manufacturing. Arrival’s latest valuation is $9 million.
Building electric commercial vans and buses in tiny “microfactories” in city centers was their EV goal. While working on an electric bus and an Uber-specific automobile, the business lost money and never fulfilled its promises. Arrival changed CEOs and reorganized at least three times, firing personnel.
Arrival switched from the U.K., where it is headquartered and where the first EV vans were due to arrive, to the U.S. in 2022. The pivot was part of a capital-saving restructure. Arrival’s commercial car production and delivery failures have dampened that.
