British electric van manufacturer goes into administration


The UK operations of electric van maker Arrival have been placed in administration. Arrival, which was once championed by former Prime Minister Boris Johnson, had plans to build innovative electric vans for global sale. The Banbury-based business was valued at £9bn three years ago and was seen as the future of the UK automotive industry. However, it faced difficulties in getting its designs into production. Arrival UK Ltd and Arrival Automotive employed 172 people, with nearly 40 being made redundant. The remaining employees will assist with the sale of the business and assets. Arrival was founded in the UK by Russian billionaire Denis Sverdlov in 2015. It aimed to use simple manufacturing processes to produce electric vans, buses, and taxis at “micro-factories”. The company had a successful listing on the Nasdaq stock market in 2021 but struggled to raise the necessary funds. The joint administrators are now exploring options for the sale of the business and assets, including Arrival’s electric vehicle designs.

You may also like...