This EV startup, once valued at $13b, is on the verge of total collapse
Once an EV darling thought to revolutionize EV production with its concept of micro-factories that crank out delivery vans for the likes of Uber and UPS, UK startup Arrival is in a desperate search for funding after being delisted from Nasdaq this week.
Nasdaq suspended trading of Arrival shares this week, followed by a formal delisting, Reuters reports. The action is the result of Arrival being late in posting financial results and failing to file a remediation plan and hold an annual shareholder meeting.
After announcing it was slashing its workforce by 50% last year, Arrival said it had receive a lifeline two months ago in the form of a $50 million investment. At the time of the delisting, the company is reported to be worth $20 million.
According to Reuters, the company is talking to Ernst and Young accounting to handle next steps (i.e., bankruptcy filing) if it can’t secure emergency funding.
Electrek’s Scooter Doll has chronicled the company’s many woes since going public in 2021 with a SPAC. Originally its shares were backed by Hyundai, Kia, and UPS, with the company built on the promise of more efficient EV production built on micro-factories that would churn out buses and delivery vans for Uber and UPS.
After going public, Arrival struggled to keep its business afloat, burning through mountains of cash and going through multiple rounds of layoffs and swapping out CEOs. In a desperate bid for more money, it tried to merge with another SPAC last year.
Back in late 2022, the company triggered a noncompliance letter from Nasdaq for dipping below $1 per share for months, but the company managed to pull through that slump without getting delisted.
Last year, Arrival had made deal with Kensington Capital Acquisition that could have brought in hundreds of millions of dollars, but that deal collapsed, Reuters reports.
Electrek’s Take
Arrival’s shares dropped nearly 95% this year, so it’s the desperate end of days for the startup, with few options to salvage the situation. While the company had targeted this year as the date for starting production of its delivery van in Charlotte, North Carolina, only a miracle will make that a reality now. To date, Arrival hasn’t delivered a fully working production-level EV to any of its prospective customers, reports TechCrunch.
It’s not easy out there for EV startups – especially SPAC EV companies in that money is hard to come by. Lordstown Motors and Proterra have gone belly up. California’s Faraday Future, which has just relaunched delivery of its luxury $309,000 electric car, recently received a stern warning from NASDAQ due to plummeting share price. It has more time to turn it around, but EV investors are likely looking for other opportunities out there.
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China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.
The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.
The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.
China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.
To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.
To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.
The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.
As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.
Read more: California now has nearly 50% more EV chargers than gas nozzles
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Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!
An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.
Check out the relevant links, below, to learn more.
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