Arrival to make further cuts to workforce
Arrival just warned investors that it will be slashing its workforce yet again. The British electric van maker said that it “took actions” on October 5 to “further reduce” costs. Those actions include letting go of “up to approximately 25%” of its workers, the company stated in a letter to investors.
Arrival last announced layoffs in January, when it said it would cut its workforce by 50% to around 800 employees. In March, the company received a $300 million cash injection from Westwood Capital. At the time, it was said that the investment would guarantee sufficient liquidity to keep its business running until the end of 2023, which suggests that the company has not managed to sort out its finances in the meantime.