EV maker Arrival files for bankruptcy, begins liquidation

EV maker Arrival files for bankruptcy, begins liquidation

Arrival has entered administration, the British equivalent of bankruptcy.

The company, which once held a $13 billion valuation, has unfortunately not sold a single vehicle. Arrival’s primary focus was on creating a large van, a bus, and a car for use by ride-hailing companies like Uber and Lyft. The XL Van, resembling a more affordable version of the Mercedes Benz Sprinter, was intended to be its flagship product.

After a promising start, which included backing from Hyundai and United Parcel Service (UPS) placing orders for its delivery van, it appears that Arrival will be sold for parts.

Simon Edel, Alan Hudson, and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed as joint administrators of Arrival UK Ltd and Arrival Automotive UK Limited, both subsidiaries of Arrival. 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.

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