UK electric vehicle start-up Arrival has put on hold development of its ride-hailing car and stopped trials of its electric bus in a bid to save cash, the Financial Times has reported.
The company, based in Banbury, Oxfordshire, announced in July it might have to lay off up to 800 employees in order to preserve funds ahead of the scheduled production start of its electric van in the autumn.
The project to build a dedicated ride-hailing EV for Uber could be revived once the van starts generating revenue, a source told the Financial Times. The company didn’t provide a comment.
Arrival, along with other newly listed automotive start-ups, including online used car retailer Cazoo, is struggling to raise new funds in the aftermath of falling share prices.
